87 Woods Street, Darwin, Northern Territory
NTC Property is pleased to present an exceptional opportunity to purchase Kalidonis Village.
Under Contract / Offer
Business Description
Kalidonis Village is a two-storey building comprising 50 self-contained studio rooms, with three accessible rooms. Located in the north-western quadrant of Darwin’s CBD, the property is just 400 metres from key landmarks such as the CBD Plaza (Woolworths), Darwin GPO, and the new Charles Darwin University campus. Other notable attractions, including The Esplanade, Smith Street Mall, Darwin City Waterfront, Mindil Beach, and the George Brown Botanical Gardens, are all within a 10-minute walk.
The property underwent significant refurbishment in 2016, with 46 rooms upgraded, the addition of a commercial kitchen and restaurant, and the installation of a new swimming pool, gym, communal kitchen, accessible toilets, and shared laundry. In 2018, an office space was converted into four large studio rooms located on the ground floor near the Village entrance.
Each studio is self-contained with a queen-size bed, microwave, cooktop, fridge, sink, TV, desk, chair, and split-system air conditioning. Tenants are responsible for linen and room cleaning. Currently, 49 out of 50 rooms are leased on 6-month terms, providing stability and a reliable income stream.
The 311sqm restaurant space is leased to Loong Fong on a 10-year lease, expiring on January 31, 2032, offering additional revenue.
With the new Charles Darwin University campus opening in 2025, the Village presents a prime alternative housing option for students, especially with the tight residential vacancy rates in the area.
The property is situated on a large 4,220sqm 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.
For further information or to express interest, prospective buyers are required to sign a Non-Disclosure Agreement. Please contact Nigel Sharp, Director at NTC Property.
Expressions of Interest closing Thursday 5 December 2024 @ 4:00pm ACST.
Business Summary
Key Investment Insights
1. Prime location in the north-western quadrant of Darwin's CBD, with key landmarks and attractions within walking distance.
2. Significant refurbishment in 2016, with additional upgrades and improvements in 2018.
3. 50 self-contained studio rooms, with three accessible rooms, providing flexibility for different types of tenants.
4. Currently, 49 out of 50 rooms are leased on 6-month terms, providing a stable and reliable income stream.
5. Leased restaurant space offering additional revenue.
6. Potential for future development on the 4,220sqm Central Business-zoned site, with a 90m+ building height allowance (subject to STA).
7. Option to continue operations as is or revert the property back to a motel format, providing excellent flexibility for prospective buyers.
8. The new Charles Darwin University campus opening in 2025 presents a prime opportunity for student housing.
9. Non-Disclosure Agreement required for further information and expressions of interest.
10. Expressions of Interest closing on Thursday 5 December 2024 @ 4:00pm ACST.
