June 26, 2013
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In their honour
Emotional scenes: The family of a fallen soldier pay their respects at the Avenue of Honour. More than 5000, including Prime Minister Julia Gillard, flocked to Yungaburra for the opening of the national memorial on June 22. Details, page 3, photo essay, page 21
$500,000 free? Buy a CBD Exclusive By Ryan Groube for a lazy half a million dollars someone could become the owner of the majority of Dimbulah’s central business district. Sibi Girgenti Real Estate last week began exclusively marketing two titles on the corner of Raleigh Street and the Bourke Developmental Road. The corner block is 1581 square metres and includes 10 office blocks and a four bedroom home. Of the 10 office blocks, seven
Debbie 0409 321 920 www.therise.net.au
have tenants including a bank, beautician and two butchers. The remaining three offices have recently been refurbished. Sibi Girgenti Real Estate principal Sam Girgenti said he had never seen such a large portion of a town’s CBD come up for sale. Mr Girgenti said the buyer could expect a net return of more than eight per cent on their investment. Real Estate Institute of Queensland Cairns chair, Greg Clyde-Smith said this kind of property coming on the market was “very unusual”.
Mr Clyde-Smith warned that just because a property comes on the market that is “pretty rare” it doesn’t guarantee that it will be sold. He pointed to the recent failure to sell the Shambala Animal Kingdom - a zoo at Koah, and the old Millaa Millaa cheese factory. “This is certainly an unusual one but at the end of the day buyers look for returns and the question they will be asking themselves is, ‘Where else can I get a return of eight per cent on my investment of $500,000?’,” he said.
LOT 209 $117,000
LOT 300 $142,000
3416m2, views of the dams, town water, underground power.
4387m2, elevated, stunning views of mountains.
“The thing about this property that makes it different from the other two is that they were showing no return while this is showing a return which makes the investment risk much, much less.” Mr Clyde-Smith said despite the return, buying the property would be a bit of a “punt”. “I think whoever takes this on will need to think outside the square about what they can do to bring in occupants,” he said. “Provided the buyer has a bit of imagination, there is a real opportunity to build something on it that would make a vibrant sort of street.
31 AMAROO DRIVE
SALES OFFICE For The RISE & Amaroo OPEN: Wednesday to Sunday 10am - 3pm Or by aPPOiNtmENt: Phone 0409 321 920
“There will be people out there who will be willing to take that kind of opportunity.” Mr Girgenti conceded the bargain basement price was a result of the town’s real estate market being “down in the dumps” but that it had always found a way to “fight back”. “My hope is that we will find a buyer with a bit of vision who would want to do something new and fresh,” he said. The property has been owned by the Armenti family since the early 1980s. Mareeba Express contacted the family for comment but they declined.
LOT 206 $133,000
LOT 203 $125,000
3914m2, elevated with 360° views, only minutes to mareeba.
4052m2, flat, ready to build on, beautiful northeasterly breezes.