Cairns Central SC Expected to Fetch $450 Million

TWO of Australia’s biggest property players, Westfield Group and Lend Lease (which controls the Australian Prime Property Fund), are planning to sell the Cairns Central shopping centre they own together.

The complex was at the centre of a legal dispute that Westfield and Lend Lease eventually took to court.

It includes about 180 stores including major tenants Myer, Target, Coles, Bi-Lo (which like Coles is part of the Wesfarmers Group) and a Birch, Carroll and Coyle cinema.

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Queensland Tourism Sector at Rock Bottom

QUEENSLAND’s tourism industry is “right at the bottom of the pits”, with expectations it will take some regions up to three months to fully rebuild.

That said, the government is trying to encourage visitors to the state, which has many businesses that thrive on the tourism dollar.

The sector is reportedly worth some $9.2 billion.

Billionaire businessman Bob Oatley told the AFR he expects it to take three months for some parts of Queensland to rebuild following fatal floods, and then cyclone Yasi.

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