In a significant move in the Queensland commercial property market, Japanese investor Taisei Kanko has made headlines by selling the Cairns Harbourside Hotel for a staggering $200 million. This sale marks a notable transition in ownership as Taisei Kanko parts ways with the 173-room CBD hotel after a successful 33-year ownership stint.

The decision to sell the Cairns Harbourside Hotel comes amidst a broader trend in the region, with several longstanding hotel owners also considering divestment. This shift is poised to usher in a new era of hotel investors in the vibrant Cairns tourism market. The asking price for the hotel falls within the range of low to mid-$30 million, contributing to a cumulative total of over $200 million worth of hotel and tourism assets that have been put up for sale this year in Cairns, a popular holiday destination and the gateway to the iconic Great Barrier Reef.

The Far North Queensland holiday hub has been a focal point for property transactions, attracting attention from both domestic and international investors. The allure of Cairns as a tourist destination, coupled with its strategic location as a key entry point to the natural wonder of the Great Barrier Reef, has bolstered its appeal among property investors.

The sale of the Cairns Harbourside Hotel by Taisei Kanko underscores the dynamic nature of the commercial property market in Queensland. It reflects the evolving investment landscape in the region, characterized by changing ownership patterns and the emergence of new players in the market. The $200 million transaction not only highlights the value of prime commercial properties in Queensland but also signals the confidence of investors in the growth potential of the local tourism sector.

As the Queensland commercial property sector continues to attract interest from both local and overseas investors, the sale of the Cairns hotel by Taisei Kanko serves as a testament to the resilience and attractiveness of the market. The influx of new capital and ownership changes in key properties like the Cairns Harbourside Hotel are indicative of the ongoing evolution and vibrancy of the commercial real estate landscape in Queensland.