The Kalidonis Village in Darwin is ideally positioned near the city’s amenities, but it has also been restructured to maximise accommodation profits.
The property, located in the popular north-western quadrant of Darwin’s CBD is a two-storey building with 50 self-contained studio rooms, and three accessible rooms.
It is just 400 metres from the CBD Plaza (Woolworths), Darwin GPO, and the new Charles Darwin University campus, opening in 2025.
Within a 10-minute walk are such other notable attractions, including The Esplanade, Smith Street Mall, Darwin City Waterfront, Mindil Beach, and the George Brown Botanical Gardens.
The property underwent significant refurbishment in 2016, with 46 rooms upgraded. commercial kitchen and restaurant were also added, and there was the installation of a new swimming pool, gym, communal kitchen, accessible toilets, and shared laundry.
Two years later an office space was converted into four large studio rooms located on the ground floor near the Village entrance.
Tenants are responsible for their own linen and room cleaning.
Nigel Sharp, from NTC Property, Darwin said each studio was self-contained with a queen-size bed, microwave, cooktop, fridge, sink, TV, desk, chair, and split-system air conditioning.
Currently, 49 out of 50 rooms are leased on 6-month terms, which Mr Sharp said proved “stability and a reliable income stream.”
“It’s a really well located property,” he said.
“With the rooms being rented out on six-month leases there’s an excellent, reliable income given Darwin’s low vacancy rate.
“From an operators point of view, the overheads are less with tenants cleaning their own rooms and doing their own linen.
“There is not too much that management has to worry about regarding each room and it’s a more secure income because the operator is not relying on tourism especially at this time of the year with tourist numbers dropping off given the weather.
“It’s so well positioned right near the new university campus just 400 metres away and Darwin is expecting thousands of international students next year.
“The rooms provide ideal accommodation for them with refurbishments to code back in 2016 and 2018.
“The north-western quadrant of the CBD is really flourishing at the moment.”
The 311sqm restaurant space at Kalidonis Village has a 10-year lease expiring on January 31, 2032, offering additional revenue.
The property is situated on a large 4220sqm Central Business-zoned site, offering future development potential with a 90m+ building height allowance (subject to STA).
Prospective buyers have the option to continue operations as is or revert the property back to a motel format, providing excellent flexibility.
“The Village presents a prime alternative housing option for students,” Mr Sharp said, “especially with the tight residential vacancy rates in the area.”
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