Fannie Bay Village trades for first time in generations
A local family has sold an unusual investment, the Fannie Bay Village – a row of 11 standalone buildings on seven sites accumulated over three decades from the 1960s.
Described by the agents as “one of the most unique, well known and admired properties in metropolitan Darwin” – the amalgamation fetched $17.8 million from an as yet undisclosed local family.
With 5698 square metres, the properties are leased to a combination of office, retail and essential service occupies.
The site, covering 1-15 Fannie Bay Road, spreads 4389 sqm with 166 car parks accessed from four streets.
High yield
Despite the rarity, and development upside, the assets are selling on a high yield of nine per cent (story continues below).
Numerous offers came in, according to NTC Property’s Nigel Sharp.
The vendors operated a bakery in the strip in the 1960s before starting their buy-up.
The purchaser is a well known local family searching for a local asset for some time, the agent added.
More to come.
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