The Property

Cascade Gardens is an outstanding 4 star complex with 48 apartments made up of 26 studio and 22 one bedroom apartments located in a large three level building.

An impressive entry into a spacious lobby sets a relaxed atmosphere for arrivals with wide carpeted hallways and stairs quietly leading to the apartments. The complex was fully refurbished in 2005 to a very high standard and has since been constantly maintained under professional on-site management.

There are three levels to the complex starting on the ground floor which houses the manager’s office and apartment as part of the manager’s holdings on title and exclusive use. The ground floor area is shared with a spacious outdoor relaxation area with a large covered barbecue and dining area capable of seating up to 36 guests surrounded by a delightful landscaped resort style free form pool. There a host of guest facilities throughout the complex such as a ground floor kitchen for servicing guests pool side, guests laundry, gymnasium, baggage room, commercial laundry, and linen and storage rooms on each level.

This excellent complex has a zoning preventing any permanent residency removing any possibility of the manager’s letting pool being reduced in numbers. While this highly favoured property enjoys a large following of enthusiastic repeat guests, there remains a great opportunity for further growth above the present annual occupancy levels of 62%.

Location

Cascade Gardens is located at 175 Lake Street on a large flat site on the corner of Lake and Minnie Streets in Cairns. It is just two blocks from the CBD centre and 7 minutes drive to Cairns International Airport. The complex is only a short walk to Cairns Central Shopping Centre, Cairns Convention Centre, the Cairns Casino, and the delightful Cairns Esplanade precinct.

Features

• Manager’s one bedroom ground floor apartment
• A two bedroom apartment available for manager’s use
• 4 star rating
• An excellent trading CBD complex with string trading history.

The Facts

Location:	Cairns CBD	Reference Number:	1190
Building Type:	3 level walk-up	Agreement:	25 years
Built:	1984 (2005 refurb)	Commenced:	2005
Total Apartments:	48	Salary:	$54,881
Letting Pool:	44	Manager’s Unit:	$235,000
Manager’s Unit:	1 bed, 1 bath	Net Profit:	$340,000
Office:	Exclusive use	Total Price:	$1,850,000

Contact Us About This Property

If you would like to discuss this property with us, or if you require more information, please contact us online, or by ringing Bruce Bennetts on 0418 773 547 or 07 4033 7885.