Investors prove to be in The Zone for Darwin retail centre
Date: 19 July 2012
A Darwin bulky retail centre and adjoining land have been sold in one line for $14million, by Knight Frank and Savills as joint agents on behalf of Receivers John Greig and Nicholas Harwood from Deloitte.
Darwin based private investor Cenfurn Investments Pty Ltd associated with the Koch Family has acquired the “Zone Retail Centre” and an adjoining retail development site in a transaction which settled recently. After adjusting for the value of the vacant land, the Centre is understood to have sold on an equated yield of approximately 11 per cent.
‘The Zone’ Darwin comprises a high profile, multi-tenanted retail centre located on a corner site along the Stuart Highway at 790 and 1798 Vanderlin Drive, Berrimah adjacent to one of Darwin’s major traffic intersections. Berrimah is situated approximately 12 kilometres east of the Darwin CBD.
The freestanding centre features anchor tenants including national brand traders Chemist Warehouse, Toyworld, and Subway as well as local trader Pets Village.
Completed in 2005 the 6,430 square metre centre features a 13,300sq m site with car parking for approximately 200 vehicles. The adjoining development site is approximately 17,100sq m and the new owners plan to develop the site in the near future for additional bulky retail accommodation. The site has already attracted interest from national tenants.
The property was extensively marketed around Australia in a formal Expressions of Interest campaign by joint agents, Knight Frank and Savills under instructions from John Greig and Nicholas Harwood as Receivers and Managers of the Property.
“We received strong interest and six offers were received. The purchaser is a local Darwin family that has been established in Darwin for over 30 years’ said Matthew Knight from Knight Frank.
Savills Queensland Divisional Director for Retail, Peter Tyson noted “the offers were primarily from private investors, domiciled locally and interstate.”
PRICE: $14 million
SELLER: The Zone Australia Pty Ltd
AREA: 13,300 sq m and 17,100 sq m
JOINT AGENTS: Matthew Knight & Cameron Arnott of Knight Frank and Peter Tyson & Jon Tyson of Savills.
For further information, please contact:
Matthew Knight, Managing Director, Commercial, 08 8982 2502 or 0413 058 020
Jessica Freeman, National PR & Communications Manager, 02 9036 6794 or 0411 354 307
Peter Tyson, Divisional Director, Retail Investment Sales, Savills, 07 3002 8807 or 0418 725 155