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Exceptionally Well Located Commercial Office Building

87 Mitchell Street, DARWIN CITY NT, 0800

For Sale

Property for Sale in 87 Mitchell Street, DARWIN CITY NT, 0800

Knight Frank Northern Territory

Level 2/46 Smith Street Mall, Darwin, NT 0800

Listing ID:
11310192
Status:
Active
For:
Sale
Price:
For Sale at $19.15 million
Last Updated:
18/10/2019
Icon building

Property Type

Offices/Retail/Other
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Land Area

2030 SQM
Icon size

Floor Area

5245 SQM
Icon parking

Parking

56

Exceptionally Well Located Commercial Office Building

Knight Frank are pleased to offer for sale a prime commercial office building - Health House', 87 Mitchell Street, Darwin City.

Situated in a busy retail, office and entertainment precinct of the Darwin CBD, and in close proximity to three of the four major banks, the Smith Street Mall, major hotels and Bicentennial Park overlooking the harbour. Health House comprises approximately 5,245sqm of Net Lettable Area (NLA) over five levels with parking for 56 vehicles, including 41 basement spaces, three partially undercover spaces and 12 on grade. The property offers quality and energy efficient office accommodation.

Health House is fully leased by the Northern Territory Government (Department of Health), which recently exercised its two year option to extend its lease until 31 December 2020. The property provides potential investors with an estimated fully leased net income of $2,272,400 p.a. underpinned by annual rental reviews equal to the greater of CPI or 3%. This coupled with a remaining lease term of over two years, creates an attractive commercial office investment.

Located approximately 500 metres west of the Darwin GPO on the main thoroughfare of Mitchell Street, Health House is within close proximity to some of Darwin's premier entertainment and retail amenities, including the Darwin Entertainment Centre, Smith Street Mall, the Mitchell Centre and numerous bars and restaurants. In addition, the property is easily accessed through the Stuart Highway and Tiger Brennan Drive linkages, and is well serviced by public transport with buses running along Cavenagh, Knuckey and Mitchell Streets.

As a result of significant capital investment, most notably through the recent development of the $34 billion INPEX and Total Liquefied Natural Gas (LNG) project, combined with the anticipated return to strong population growth, its proximity to Asia, the financial benefits associated with a strong military presence and a robust tourism industry, Darwin is considered one of the most attractive property investment markets in Australia

Features:

- Site area of 2,030sqm
- Five levels totaling 5,245sqm
- Estimated current net income for 2017/18 - $2,272,400
- 56 carparks (41 basement, 3 partially undercover and 12 on grade)
- Fully leased by the Northern Territory Government until 31st December 2023

For more details, please email agent

Knight Frank Northern Territory

Level 2/46 Smith Street Mall, Darwin, NT 0800


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