This article is from the Australian Property Journal archive
THE Darwin Transit Centre in the Northern Territory has sold, following a competitive sales campaign which drew interest from all across the country.
The 7,740sqm commercial holding, located at 69 Mitchell Street in the Darwin CBD, has significant potential for future redevelopment with its double frontage and 90-metre height limit.
The asset, which sits on a land-rich site and offers over $1 million per annum in holding income, was eventually sold to the Venturin family, locals from the Northern Territory.
Chris Hyland and Craig Inkster from Colliers Darwin, and Sam Biggins from Colliers’ Restructuring Property Services in Brisbane managed the sale via an expressions of interest campaign, with McGrathNicol as receivers and managers.
“The property generated significant interest from purchasers across Australia with 17 bids received at the close of the campaign,” said Biggins.
The site is anchored by Australian Venue Co’s Shenannigans Irish Pub, with other tenants including two backpackers hostels in addition to entertainment, retail and hospitality offerings.
“We are receiving high levels of enquiry from prospective investors looking at key regional markets, given how well these areas have performed through COVID and the rising migration wave from southern capitals,” said Inkster, commercial agency director at Colliers Darwin.
This year has seen positive movement in Darwin’s residential market as well thanks to this migration in part, with both sales volumes and pricing seeing positive changes over the June quarter, while earlier in the year Darwin became the country’s tightest residential rental market.
“Darwin is heavily supported by spending from the government, resources, energy and defence sectors, all of which underpin the local economy and drive demand for office, entertainment and hotel real estate,” concluded Inkster.
