Knight Frank is pleased to offer this sensational CBD site situated on the fringe of the Darwin CBD with enormous income potential.

The site has a total land area of 1,520sqm and is zoned CB - Central Business.

The property has two street frontages with the primary frontage being off McMinn Street with the secondary access off Finniss Street. The current owners have recently investigated the potential to sub-divide this site whereby leaving the motel and the 21 rooms on one title and creating smaller boutique lot for future development. No development application has been lodged however we have due diligence material on the investigations they undertook and from the reports and advise that they have received there is the possibility to sub-divide the property but this would of course be subject to town planning consents.

The property has substantial improvements situated on it. It is currently leased as short term accommodation as opposed to motel accommodation and is better known as Pacific Apartments. In total there are 21 rooms (plus a 4 bedroom caretakers residence) which range from simple studio rooms with toilet and shower as well as studio rooms with toilet and shower and kitchenette. There is a one bedroom unit also that forms part of the 21 rooms. At the rear (Finniss St) there is a four bedroom house, with a commercial kitchen, store room and large lounge area. Two rooms have their own ensuite. The communal laundry is attached externally to the four bedroom house. This is due to be vacated shortly so could be leased as separate rooms or to another tenant or caretaker. The house was previously achieving $700 per week in rent.

All rooms and the house have been repainted internally, externally and semi renovated over the last 12 months.

The apartments have a beautiful pool in the complex and also offers good on-site parking for tenants with the advantage of some great basement storage under rooms 14, 15, 16 and 17 accessible from McMinn Street. This further enhances the income potential from this property.

The property currently 95% leased. There are some minor works being undertaken on room 15 and this due to be back into the rental pool from July 1st.

A superb investment property coupled with Central Business zoning on the fringe of the CBD and within easy walking distance to the City Knight Frank highly recommends this opportunity.

For further information or an opportunity to inspect please contact the Knight Frank office on[use Contact Agent Button] or Rick Trippe today.

Land Area : 1520 sqm

Floor Area : 1520 sqm