United sets NT service-station record
A Darwin service station has changed hands for a record price, 14 years after it was last traded, when it was a Beaurepaires
Backed by United, 209 Stuart Highway, Parap, collected $7.8 million following an off-market deal.
The result reflects a six per cent yield.
The service station recently renewed a lease five years.
NTC Property’s Nigel Sharp brokered the deal.
The same agent sold the property to the vendor in 2012, for $4.5m.
It was repurposed as a mixed convenience and quick service restaurant investment in 2015 at a cost of $2m according to documents lodged with the application.
United Parap
On 5050 square metres at the corner of Ross Smith Avenue, the property includes retail and fast-food restaurant tenancies – one presently for rent with a drive-thru (continues below).
United is on a triple-net ground lease.
Parap is two kilometres north-east of the CBD.
The result comes as institutional and private investors continue to trade Darwin commercial property.
Another Darwin deal
In April, Holdfast Funds Management paid a speculated $7m for Customs House at 21 Lindsay Street, following its $13.1m acquisition of two Stuart Park car yards.
In January, Trilogy Funds paid $6.912m for a Tyremax distribution centre at Berrimah
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