Real Estate
16 October, 2025
Soaring price tag
A GROUP of mainly cashed-up farmers has bought the tallest and most significant office building in Cairns.
The Cairns Corporate Tower was sold for $77.5 million – almost double that of when it was bought by the previous owners for $41.5m in 2006.
The 15-storey, A-grade tower, strategically positioned in the heart of the CBD, is widely recognised as North Queensland’s premier commercial office building.
CBRE sold the property on behalf of the Brisbane-based, ASX-listed Garda Property Group, which acquired the building nearly 20 years ago and is now focusing on its industrial strategy.
The tower sits on a 4570sqm site and has 14,844 sqm of lettable area, featuring modern, recently refurbished office accommodation with 264 car parks.
The building has a secure and diversified tenant profile, including major tenants such as the Department of Transport and Main Roads, BDO North Queensland, Grant Thornton Australia and GHD Services Australia.
Danny Betros, of CBRE Cairns, said as the largest commercial property sale in North Queensland this year, “this transaction underscores the rapid growth of the Cairns economy and population”.
“With a GDP (gross domestic product) of $11.46 billion and a population forecast to reach 241,000 by 2050, Cairns offers significant investment potential,” he said.
“While the city benefits from its role as a gateway to the Great Barrier Reef and its strong tourism market, the robust interest from the broader investment market in this sale demonstrates the depth and strength of the Cairns economy.”
Mr Betros said the new owners, who remain anonymous, were “a small group of high-net worth individuals from NQ, mostly from the land”.
He said the group had “a long-term vision for the landmark building”.
The sale, which closed following a private placement process, attracted strong interest from high-net-worth investors, institutions, property funds and offshore groups, reflecting the attractive investment environment in Cairns and Far North Queensland.
Mark Witheriff, of CBRE Gold Coast, said regional Queensland commercial markets had performed particularly well in recent years, “driven by significant population growth and expansion in the small and medium enterprise (SME) business sector”.
“This has led to falling vacancy rates across the state, putting upward pressure on rental rates and downward pressure on incentives,” he said.
