A large Cairns industrial property has been snapped up by an investor for $2.5 million. 

Located at 7 Redden Street, Portsmith, the 4,790sqm property comprises 2,170sqm of lettable area over two buildings with ample hardstand onsite ideal for container handling, truck manoeuvring and vehicle parking.

The property was marketed by RWC Gateway agent Ben Sands on behalf of an owner occupier who was looking to downsize. 

Mr Sands said he knew the property would receive a lot of interest. 

“We launched an expression of interest campaign knowing that the property would receive strong interest,” he said. 

“It received interest from predominantly local owner-occupiers and investors with some interstate interest.

“This is the closest heavy industrial precinct to Cairns CBD. There is no more land available within this proximity. Interest was in the location and land size. 

“The buyer was a local investor, looking to refurbish the property and lease it out.” 

Mr Sands said this was the strongest Cairns industrial market he had seen. 

“Values of similar properties are continuing to set record prices with each sale,” he said. 

“There is a significant amount of interest in this precinct after the mooted $150m investment from the Queensland Government in upgrading the Port's capabilities as part of ADF's strategic defence plan.”