The Zone Retail Centre In Darwin Sold For $14 Million
19 July 2012
A Darwin bulky retail centre and adjoining land have been sold in one line for $14 million by Savills and Knight Frank 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%.
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 6,430sq m 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 Savills and Knight Frank under instructions from John Greig and Nicholas Harwood as Receivers and Managers of the Property.
Savills Queensland Divisional Director for Retail Peter Tyson said: “the offers were primarily from private investors, domiciled locally and interstate.”
Earlier this year, Savills settled the sale of the three The Zone retail bulky goods centres in south east Queensland. The multi-asset Queensland portfolio was sold in separate deals netting a total transaction value of over $74 million. The six separate properties included the three The Zone retail centres located at Underwood, Rothwell and Maroochydore; a freestanding Shell service station and retail development site adjacent to The Zone at Rothwell; and an approved retail site in the Ipswich suburb of Booval.
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