This article is from the Australian Property Journal archive
SANDRAN Property Group has bought the Northern Territory’s only Officeworks as part of $48 million worth of property deals struck in Darwin, as investors chase better returns than those on offer along the eastern seaboard.
Sandran picked up the Stuart Park Officeworks – part of a complex at 44 Stuart Highway that includes Top End Medical Centre and Territory X-Ray – for $13 million on a yield of 6%.
The property has a building are of 3,441 sqm and is on 7,920 sqm of land. Officeworks has a six-year lease with options of five years each, while the medical tenants both have five-year leases.
Sandran has also paid $15.5 million for showroom, office and retail property in Winnellie, in the northern suburb’s biggest-ever recorded sale. Sandran picked up the 14,700 sqm block at 14 Winnellie Road, improved by a 6,790 sqm building, on a yield of 7.4%.
The building has 10 tenants across 13 tenancies ranging from 335 sqm to 1,189 sqm. Among them are Burson Automotive, GPC Asia Pacific (NAPA), Fosters Australia, Fuji Xerox, Snap Fitness, the Department of Veteran Affairs and Cyclone Motorcycles.
NTC Property director Nigel Sharp brokered the deals.
“All interstate purchasers chasing quality assets, (with the) same fundamentals, however, with better returns than eastern and southern seaboard,” NTC Property director Nigel Sharp said.
Sharp has also just sold the Darwin Centrelink building for $10.5 million on a beefy yield of 9.1% yield, while his $8.8 million sale of a Palmerston building, leased to the Northern Territory, to Sentinel on a yield of circa 6% has just settled.
