The Darwin Transit Centre, a prominent commercial holding with redevelopment potential in the heart of the Northern Territory capital’s CBD, has sold in a deal negotiated by Colliers.

The property, located at 69 Mitchell Street, was sold through an expressions of interest campaign that drew a raft of inquiries from across Australia from investors looking to capitalise on the regional property boom.

The site comprises 7,740sqm with dual street frontages and carries a 90-metre height limit, offering substantial future redevelopment potential.

Anchored by hotel group Australian Venue Co’s Shenannigans Irish Pub, the property has a range of tenants including two backpacker’s hostels, as well as retail, entertainment, and food and beverage amenities.

The property has been bought by the Northern Territory’s Venturin family.

McGrathNicol as Receivers and Managers presented the property to the market through the Colliers expressions-of-interest campaign that closed on July 23.

The campaign was led by Colliers Darwin’s managing director Chris Hyland and commercial agency director Craig Inkster, in conjunction with Sam Biggins of Colliers’ Restructuring Property Services team in Brisbane.

“The property generated significant interest from purchasers across Australia with 17 bids received at the close of the campaign,” said Mr Biggins.

“This is a prime asset that offers more than $1 million per annum in holding income on a land-rich site with a 90-metre height limit in the centre of Australia’s closest CBD to Asia.”

Mr Inkster said Darwin was currently benefitting from an influx of interstate migration, leading to a sharp rise in activity for the property market.

“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,” he said.

“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.”

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