SOLD
Sold on 30 Nov 2023 for $1,900,000

10 Pavonia Place
Nightcliff NT 0810

Bedrooms: -
Bathrooms: 2
Car spaces: 8
Land area: 1070m2
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Property Details for 10 Pavonia Pl, Nightcliff

Building Type
Commercial
Land Size
1070m2
Local Government
Darwin
Lot/Plan
Loc 550 Lot 9732/L2001/054

Last Listing description (March 2008)

Office and Commercial Building - Nightcliff
Lot 9732 Town of Nightcliff, or 10 Pavonia Place, is 1070 square metres of land on which is situated a two storey commercial building.
It is zoned Commercial.

The property has a frontage to Phoenix Street of 36.57 metres and a frontage to Pavonia Place of 29.29 metres.
LOCATION
As part of the original Nightcliff shopping precinct, it has a post office, a paved Mall area, and other office and retail uses surrounding.
The very popular weekend markets are also held in the same commercial precinct.
LEASING
The property is leased to the Northern Territory Government as follows:
and#61656; POLICE STATION
oThe Nightcliff Police Station is leased from 1 June 2001 and expiring 31 May 2013 and currently returns $216,502.20 pa. The rent is reviewed every twelve months.
oThe net lettable area is 290.6 square metres.
and#61656; CAR PARK
oAn area for car parking of 84.5 square metres is rented on an annual basis
oThe current rate is $12,672.00 per annum.
and#61656; LIBRARY
oThe Nightcliff Library of 281 square metres is leased until 31 March 2008 and has been ongoing on a two year plus two year option.
oNegotiations for renewal are now due.
oCurrent rental is $73,672.44. per annum plus GST.
FINANCIAL CONSIDERATIONS
Financial considerations for this commercial complex in the heart of Nightcliff are:
and#61656; OUTGOINGS
oOut goings on the complex are $10,000.00 per annum
and#61656; GROSS RENTAL
oGross rental is $302,846.64
and#61656; NET INCOME
oNet Income from leasing and rental is $ 292,846.64
and#61656; NET LETTABLE AREA
oNet lettable area is 1070 square metres
and#61656; SELLING PRICE
oThe sale price is $3,200,000 +GST* (*where appropriate)
and#61656; PROJECTED YIELD
oBased on present rates, the projected yield will be 9.15% # (# further subject to renewal rates for the Library area)
CONTACT
Michael Tolios
Professional Darwin
0420 904 622

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Property History for 10 Pavonia Pl, Nightcliff, NT 0810

A timeline of how this property has performed in the market
Last Sold
$1,900,000
30 Nov 2023
  • 30 Nov 2023
    Sold for $1,900,000
  • 23 Aug 2019
    Sold for $2,710,000
  • 05 Sep 2016
    Sold for $2,950,000
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About Nightcliff 0810

The size of Nightcliff is approximately 1.5 square kilometres. It has 6 parks covering nearly 6.5% of total area. The population of Nightcliff in 2011 was 3,654 people. By 2016 the population was 3,838 showing a population growth of 5.0% in the area during that time. The predominant age group in Nightcliff is 30-39 years. Households in Nightcliff are primarily childless couples and are likely to be repaying over $4000 per month on mortgage repayments. In general, people in Nightcliff work in a professional occupation. In 2011, 46% of the homes in Nightcliff were owner-occupied compared with 40.4% in 2016.

Nightcliff has 2,183 properties. Over the last 5 years, Houses in Nightcliff have seen a 41.13% increase in median value, while Units have seen a 26.11% increase. As at 31 October 2024:

  • The median value for Houses in Nightcliff is $809,029 while the median value for Units is $333,018.
  • Houses have a median rent of $650 while Units have a median rent of $485.
There are currently 24 properties listed for sale, and 12 properties listed for rent in Nightcliff on OnTheHouse. According to CoreLogic's data, 105 properties were sold in the past 12 months in Nightcliff.

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