ResidentialHudson FarrFri 04 Sep 26
Cairns Waterfront Supersite with Approval for 90 Homes on Market
A four-lot holding on the Cairns waterfront with approval for up to 90 homes has been listed for sale.
Dubbed The Esplanade Collection, the 2993sq m site at Cairns North spans four freehold allotments with dual-street frontage running from The Esplanade to Lake Street, opposite the Esplanade parklands, and in walking distance of the CBD and marina precinct.
Ray White Cairns director David Murphy is managing the sale.
The holding carries two separate development approvals that total 90 homes.
According to Murphy, the campaign has drawn a broad range of buyer types since launching.
“This has included sophisticated developers who are looking to proceed with a development broadly in line with the existing [development application], overseas investors looking at the opportunity from a land banking perspective, as well as strong local interest,” Murphy said.
The primary component fronts The Esplanade across three allotments totalling 2165sq m, and is approved for a 13-storey tower comprising 58 two-bedroom apartments and six oceanfront penthouses.
The second component, an 828sq m parcel fronting Lake Street, is approved for a nine-storey, 26-unit building with a maximum height of 35.2m, compliant with limits set by the nearby Cairns Airport.
Murphy pointed to the Cairns Hospital’s coming $1-billion expansion as a factor behind the campaign’s timing.
“There is a lot happening across Cairns at the moment, and one of the major catalysts is the coming expansion and redevelopment of Cairns Hospital,” Murphy said.
“We expect it to have a significant flow-on effect for the local economy, employment, infrastructure and demand for quality residential accommodation.
“Combined with continued population growth, tourism investment, infrastructure spending and the broader transformation across the Cairns region, we believe the timing of this opportunity is particularly compelling.”
Murphy said buyer sentiment toward Cairns had shifted, with more capital now looking to the market.
“We’re seeing increasing confidence from sophisticated buyers who recognise that Cairns is moving into an exciting period of growth,” Murphy said.
Expressions of interest for The Esplanade Collection are due to close on September 21.
