8/17 First StreetKatherine NT 0850
Property Details for 8/17 First St, Katherine
Last Listing description (September 2024)
Knight Frank (Northern Territory) under Mortgagee instructions is pleased to bring to the market these five well located units within a commercial strata premises in the heart of Katherine (NT). The 5 units are well maintained, of good quality and are contained within an impressive group of 8 commercial units in a body corporate. There is ample on site carparking, an attractive garden and paved area between the units (breeze way & common property) The properties are situated close to Katherine Local Court.
Two of the units are vacant and three units are currently rented;
Unit 3 - 57sqm* (rented)
Unit 5 - 57 sqm*
Unit 7 - 73sqm*
Unit 8 - 54 sqm* (rented)
Total - 330 sqm*
The units are for sale (in one line or separately) and are suitable for owner occupiers as well as investors. This is a small investment and repositioning opportunity with the flexibility given the vacancy and monthly tenure.
The units enjoy strong occupancy and interest due to the significant car parking at the rear of the building situated on common property, and the exposure to First street.
These units would be attractive for self-managed superannuation funds - it's a good way to invest and grow your fund. Rental rates are usually higher than mortgage repayments, even in the current market. New construction in town is expensive so there is little development / competition in the foreseeable future. There are also limited alternative sites to accommodate a relocation from the property.
The Katherine Region is a suitable place to invest due to significant investment in Defence, Mining, Oil & Gas and Tourism in and around region. Tindal RAAF base is located not far South and Katherine is the main and only town close by.
More details are set out in an Information Memorandum which can be provided to interested parties upon competition of a Confidentiality Deed.
Mortgagee Sale
For Sale by Expression of interest (in one line or separately) closing on Thursday 2nd May 2024 at 4pm - Knight Frank office, Ground Floor 46 Smith Street Mall Darwin.
Open inspection will be held on:
Friday 12th & Saturday 13th April 2024 12pm to 2pm
Friday 19th & Saturday 20th April 2024 12pm to 2pm
Please contact agents to confirm your attendance or interest.
Property History for 8/17 First St, Katherine, NT 0850
- 02 Sep 2024Sold for $700,000
- 23 Jul 2024Listed for Sale For Sale
- 27 Mar 2024Listed for Sale Expression of Interest closing Thu 2/5/24 at 4PM
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0About Katherine 0850
The size of Katherine is approximately 4.2 square kilometres. It has 9 parks covering nearly 8.1% of total area. The population of Katherine in 2011 was 1,376 people. By 2016 the population was 1,490 showing a population growth of 8.3% in the area during that time. The predominant age group in Katherine is 20-29 years. Households in Katherine are primarily childless couples and are likely to be repaying $1000 - $1399 per month on mortgage repayments. In general, people in Katherine work in a professional occupation. In 2011, 42.3% of the homes in Katherine were owner-occupied compared with 43.8% in 2016.
Katherine has 1,231 properties. Over the last 5 years, Houses in Katherine have seen a 14.31% increase in median value, while Units have seen a 46.39% increase. As at 31 August 2024:
- The median value for Houses in Katherine is $352,682 while the median value for Units is $261,238.
- Houses have a median rent of $483 while Units have a median rent of $380.
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