SOLD
Sold on 09 Dec 2024 for $7,700,000

87 Mitchell Street
Darwin City NT 0800

Bedrooms: -
Bathrooms: -
Car spaces: 56
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Property Details for 87 Mitchell St, Darwin City

Building Type
Commercial
Local Government
Darwin
Lot/Plan
Loc 200 Lot 626/DIA000389

Last Listing description (October 2019)

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 2023. 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

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Property History for 87 Mitchell St, Darwin City, NT 0800

A timeline of how this property has performed in the market
Last Sold
$7,700,000
09 Dec 2024
    No history found for this property.

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About Darwin City 0800

The population of Darwin City in 2011 was 4,545 people. By 2016 the population was 6,479 showing a population growth of 42.6% in the area during that time. The predominant age group in Darwin City is 20-29 years. Households in Darwin City are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Darwin City work in a professional occupation. In 2011, 26.6% of the homes in Darwin City were owner-occupied compared with 22.8% in 2016.

Darwin City has 5,383 properties. Over the last 5 years, Houses in Darwin City have seen a -3.25% decrease in median value, while Units have seen a 25.89% increase. As at 30 November 2024:

  • The median value for Houses in Darwin City is $457,354 while the median value for Units is $402,400.
  • Houses have a median rent of $585 while Units have a median rent of $600.
There are currently 77 properties listed for sale, and 68 properties listed for rent in Darwin city on OnTheHouse. According to CoreLogic's data, 320 properties were sold in the past 12 months in Darwin city.

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