A neighbourhood shopping centre anchored by Woolworths in Darwin’s northern suburbs has been listed for sale for the first time in more than four decades.
Hibiscus Shoppingtown in Leanyer is being offered to the market through an Expressions of Interest campaign run by Catalyst Property Group and Savills. The centre features 8036sqm, 99.9 per cent leased and generates an estimated net annual income of $2.775 million as of April 1.
“This is a rare opportunity to secure a high-performing, convenience-based shopping centre anchored by a strongly trading Woolworths supermarket in the tightly held Darwin market,” said Catalyst Property Group director, Peter Tyson.
“The strong non-discretionary tenancy mix, long-term income security and strategic corner position create a compelling investment proposition with clear value-add pathways.”
More than 77 per cent of the centre’s area is occupied by long-term anchor tenants Woolworths and the Hibiscus Tavern. The 4534sqm Woolworths supermarket is supported by 21 specialty retailers, and the sale also includes three adjoining residential properties zoned for commercial use, offering scope for near-term expansion or additional value creation.
The centre is located on a 24,941sqm site on Vanderlin Drive, a major arterial route through Darwin’s northern suburbs, around 14 kilometres north-east of the Darwin CBD.
The property is expected to appeal to a range of investor groups seeking exposure to neighbourhood shopping centres anchored by major supermarkets.
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