Darwin home to Shenannigans sells

The 7740 square metre site (outlined) can make way for 90 metre buildings.

The Darwin Transit Centre – which is part-occupied by the Shenannigans Irish pub – has sold to local business owners and investors, the Venturin family.

The $16.25 million deal reflects an 8.6 per cent yield.

On 7740 square metres at 69 Mitchell Street, the property was marketed for its development upside; the airspace can make way for 90 metre buildings.

As well as the Australian Venues Co managed hotel, known locally as Shags, the property contains two backpacker hostels with a total of 475 beds, and tenancies for retail and entertainment groups.

All up there is 6202 sqm of lettable area.

The asset was held for years by a company directed by Gina Donatelli.

Colliers’ Chris Hyland, Craig Inkster and Sam Biggins brokered the sale on behalf of receiver and manager McGrathNicol.

“This is a prime asset that offers more than $1m per annum in holding income on a land rich site…in the centre of Australia’s closed CBD to Asia,” Mr Biggins said (story continues below).

Mr Inkster added Darwin is heavily supported by spending from the government, resources, energy and defence sector “all of which underpin the local economy and drive demand for office, entertainment and hotel real estate”.

The sale comes a fortnight since we reported Sentinel outlaid $420m for the Casuarina mall, about 13 kilometres away.

That vendor was GPT.

Last year, SCA Property Group paid Woolworths $33m for the Bakewell Shopping Centre in Palmerston, south east of Darwin.

Shortly after it acquired a service station abutting it for $6.4m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.