38 MCMINN STREET DARWIN, NORTHERN TERRITORY

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1 38 MCMINN STREET DARWIN, NORTHERN TERRITORY Accelerating Success. P.g.1

2 CONTENTS P.g.2

3 One of the largest privately owned greenfield sites available in an Australian capital city. This perfectly positioned site in the Darwin CBD offers the opportunity to stage a development now or land bank for the future. With considerable infrastructure projects planned in the immediate vicinity including the Barneson Boulevard extension and McMinn Street widening it is anticipated 38 McMinn Street will become the Gateway site to the Darwin CBD.

4 CONTENTS The Opportunity Executive Summary Location Land and Access Darwin City Centre Master Plan Concept Site History & Future Market Overview Sale Process Agent Contact Details P.g.4

5 THE OPPORTUNITY On behalf of Viva Energy Australia, Colliers International is pleased to offer for sale 38 McMinn Street Darwin, Northern Territory, Australia via an International Expression of Interest campaign. Located at the northern end of the Darwin CBD, the property is located only 400 metres from the Darwin GPO and occupies a huge corner allotment of 70,200m 2. The property is a landmark green-field site within the Darwin City Centre Master Plan and has significant development potential. The property undoubtedly occupies one of Darwin s most sought after locations in a prime position on the city s fringe with uninterrupted views of Frances Bay and the Arafura Sea. Given the property is zoned Central Business (CB) it is ideally suited to an integrated mixed use project which may include a variety of retail, residential, hospitality and commercial applications. Current planning controls allow development typically up to a 90 metre height limit (subject to Site Management Plan). With considerable infrastructure projects planned in the immediate vicinity including the Barneson Boulevard extension and McMinn Street widening it is anticipated 38 McMinn Street will become the Gateway site to the Darwin CBD. Darwin is experiencing its long awaited rejuvenation cycle and the Darwin City Council has recently completed their Darwin City Centre Master Plan. The Master Plan seeks to improve the amenity of the Darwin CBD, making it more accessible, liveable and walkable, whilst turning the city into a hub for culture and arts. In addition, the Master Plan will see that the city offers more venues for hospitality, entertainment, business and residential accommodation, with 38 McMinn Street earmarked as one of the zones ripe for rejuvenation. Darwin Wharf Precinct Mitchell Street Woods Street Smith Street Cavenagh Street McMinn Street Tiger Brennan Drive Barneson Street P.g.1

6 CONTENTS EXECUTIVE SUMMARY THE OFFERING 38 McMinn Street, Darwin NT Australia LOCATION The property is prominently located on the corner of McMinn Street and Barneson Road on the northern fringe of Darwin City. The property is 400 metres north of the Darwin GPO. SITE AREA 70,200M hectares ENCUMBRANCES Environmental and Development Considerations. EASEMENTS Electrical Supply Easement to Power and Water Authority. INSPECTION The property will be available for an inspection for all interested parties on Tuesday 25 August at 2pm (ACST). SALE PROCESS Under Instructions from Viva Energy Australia, 38 McMinn Street, Darwin is offered for Sale via Expressions of Interest closing on Thursday 3 September 4pm (ACST). CONTACT All enquiries and requests should be directed to the Vendor s exclusive agents. Nigel Sharp Director Commercial Sales & Leasing Direct: (08) Mobile: nigel.sharp@colliers.com ESTIMATED OUTGOINGS Municipal Rates: Approx. $108, Water & Sewerage: Approx. $1, ZONING Central Business (CB) LEGAL DESCRIPTION Lot Town of Darwin plan(s) S 87/280 INFORMATION MEMORANDUM - 22 McMinn Street, Darwin P.g.2

7 LOCATION 38 McMinn Street is located on the fringe of the Darwin Central Business District, only 400 metres from the Darwin General Post Office (GPO). The site is prominently located on a high exposure corner on the north eastern side of the Darwin CBD with frontage to Barneson Street and McMinn Street. The subject site sits central to the main arterial roads into Darwin, being the Stuart Highway and Tiger Brennan Drive which both dissect McMinn Street. It is planned that the Barneson Street and Knuckey Street will be extended and the site will sit directly between these roads and will be come one of the most prominent sites in the Darwin CBD. The site is approximately 9 kilometres from the Darwin International Airport, 19 kilometres from Palmerston and 13 kilometres from Casuarina (northern suburbs). The site is predominantly surrounded by high density residential developments on smaller allotments, however this site lends itself to unlimited mixed use opportunities. P.g.3

8 3 2 4 Kitchener Driver 9 Bennett Street Tiger Brennan Drive 5 SUBJECT PROPERTY Barneson Street McMinn Street 1 Cavenagh Street 6 Knuckey Street Smith Street 7 The Esplanade Mitchell Street 8 Stuart Highway DARWIN GPO DARWIN CONVENTION CENTRE STOKES HILL WHARF DARWIN WATERFRONT SMITH STREET MALL 6 CBD PLAZA 7 MITCHELL CENTRE 8 DARWIN ENTERTAINMENT CENTRE 9 LOCAL COURT AND DARWIN CIVC PRECINCT P.g.8

9 SUBJECT SITE SUBJECT SITE P.g.9

10 LAND AND ACCESS TITLE PARTICULARS LEGAL DESCRIPTION TITLE REFERENCE EASEMENTS AREA Lot Town of Darwin plan(s) S 87/280 CUFT Volume 727 Folio 609 Electricity Supply Easement to Power & Water Authority 70,200m 2 ZONING The site is zoned Central Business (CB) and is located in the Darwin Local Government Area. The key purpose of CB zone in accordance with the NT Planning Scheme are as follows: 1. The primary purpose of zone CB is to provide for a diversity of activities including administrative, judicial, professional, office, entertainment, cultural, residential and retail and other business activities with a commitment to the separation of incompatible activities. 2. Building form and design is expected to be sensitive to the needs of pedestrian movement and facilitate the creation of safe and active street frontages and public places and a vibrant commercial precinct. TOPOGRAPHY The site runs from its higher point on the western corner of the site (corner of Barneson and McMinn Street), down to the lowest point in the eastern corner of the site (bordering Tiger Brennan Drive). ACCESS The site has direct access from Barneson Street and McMinn Street. It is anticipated that further crossovers will be developed in conjunction with the Barneson Boulevard and Knuckey Street extensions. P.g.6

11 DARWIN CITY CENTRE MASTER PLAN Over the past few years, the three levels of government and private sector have worked together to draft a Darwin City Centre Master Plan (DCCMP) that aims to promote the Darwin CBD as a cosmopolitan city, the hub of Australia s north and critical link to the Asian economy. The DCCMP was commissioned when the Darwin City Council was considering the long term future of the Cavenagh Street car park. The figure below shows that as result of extensive consultation the extension of Barneson Street will run along the perimeter of the Cavenagh Street car park and ultimately become one of the main thoroughfares to and from the Darwin CBD via Tiger Brennan Drive. Barneson Street will become known as Barneson Boulevard and with better access 38 McMinn Street will become a central, highly exposed and integral development site in accordance with the DCCMP. BARNESON BOULEVARD Barneson Boulevard will commence at Tiger Brennan Drive and finish at Cavenagh Street. This will be the only connection into the middle of the Darwin CBD and aims to ease congestion along the other two arterial roads being the Stuart Highway and Tiger Brennan Drive. The Barneson Boulevard extension is earmarked as one of the first major infrastructure projects to be undertaken in the rejuvenation of the Darwin CBD and 38 McMinn Street will be the main beneficiary of this project. It is intended that in addition to the increased traffic, direct access will be given to the development site which will appeal to numerous end users. All regulatory authorities are extremely eager to see 38 McMinn Street developed and it is anticipated that all future developments in conjunction with the Site Management Plan will be looked upon favourably. Source: Darwin City Council 38 McMinn Street will have approximately 250 metres frontage to Barneson Boulevard and is destined to become the Gateway site to the Darwin CBD. P.g7

12 CONCEPT The Vendor commissioned Urbis to undertake a Planning Due Diligence Report and provide a concept design. After discussions with the Darwin City Council, Northern Territory Government and Colliers International, Urbis have created the design below. HARVEY STREET FUTURE DUAL CARRIAGE WAY 2. TIGER BRENNAN DRIVE MCMINN STREET FUTURE TRANSIT LINK PROPOSED ROAD 7. Legend 1. Town square / piazza 2. Land mark building - residential 3. Land mark building - tourism 4. Car parking to retail 5. Ground floor restaurants / activation 6. Open space (as per contamination report) 7. Open space / drainage 8. Residential fronting open space 9. Commercial / residential interface 10. Ground floor retail Source: Urbis Given the sheer size and nature of the site, the design opportunities are endless however the above concept is in line with the recommended Site Management Plan and focusses on a retail precinct on what will be the busiest corner. P.g.8

13 SITE HISTORY & THE FUTURE The Vendor purchased the property from the Crown in From the mid 1930 s the site was used as a petroleum terminal until Due to the former use of the site there is hydrocarbon contamination in the soil and groundwater beneath the site. As a result, the Vendor has undertaken works to remediate the site to an acceptable standard to allow significant development to realise the full potential. As shown below the site has been divided into five (5) development zones as per the Environmental Audit. Further details regarding the Environmental Audit and Site Contamination Management Plan can be viewed by qualified parties. Source: URS P.g.9

14 MARKET OVERVIEW The Northern Territory enjoys a unique economy compared to the rest of Australia and its prosperity is reflected by the Territory s abundant natural resources, a relatively large public administration sector and a strong Defence presence. Despite its large land mass and natural resources, the Territory still has a small and young population that has plenty of room to grow. However, this results in a smaller and less mature economy that is heavily influenced by international trade and major projects. Favourable employment conditions along with a strong public administration and construction sector, have ensured that there is a steady flow of economic activity. In particular, private capital expenditure was reported to have increased by 8.0 % to $11.8 billion, which is the highest level on record. This expenditure included $ 8.6 billion which was spent on a large number of major projects such as the INPEX Ichthys Project, the expansion of the McArthur River zinc-lead mine, the Marine Supply Base and the Darwin Correctional Precinct. In addition to this, private residential construction also contributed to the Territory s economic growth with a record number of houses and apartment complexes coming on line in Darwin and Palmerston. According to the Territory Economic Review, in the NT recorded the strongest economic growth rate of all jurisdictions at 6.5%. The Territory also continues to benefit from a highly engaged workforce, with the unemployment rate the second lowest of all jurisdictions and reported at 4.5 % in June This compared to a 6 % unemployment rate nationally. Over the past 10 years, economic growth in the Territory has outpaced growth nationally, although this growth has not been evenly distributed across all sectors of the Territory economy. In particular, activity in the construction industry has risen recently, coinciding with substantial private investment associated with major resource projects. Recent development in Darwin through major resource projects and a boom in private construction has seen the Territory record the highest construction on record. In 2014, total construction work done in the Territory increased by 59.6 per cent to $7.4 billion. Consequently, there has been an increase in the level of new dwellings in Darwin (in particular units), which should help alleviate supply pressures once they are completed. It is anticipated that this in turn should stabilize fluctuations in the rental market. Overall, the Territory continues to remain well positioned to capitalise upon its broad economic base, particularly through the various projects associated with oil and gas industries, and through the mining and Defence sectors. P.g.10

15 SALES PROCESS METHOD OF SALE 38 McMinn Street Darwin is offered for sale by exclusive selling agent Colliers International (N.T.) Pty Ltd. The property is for slae by Expressions of Interest closing Thursday 3 September 2015 at 4pm (ACST). Inspections of the property are by appointment only and all parties must be accompanied by a Vendor s representative and a member of the sales team. An inspection for all interested parties will be arranged for Tuesday 25 August 2015 at 2pm on site. All parties are to notify Colliers International of their attendance. The Due Dillegence material can be accessed by all prospective purchasers provided they execute a Confidentiality Agreement. Prospective purchasers are requested to submit their proposals in writing to Colliers International. An assessment will then be conducted by the Vendor leading to the selection of a preferred party/parties to enter into exclusive due diligence. The Vendor reserves the right to vary or withdraw from the process at its discretion. Expressions of Interest are to be lodged by 4pm ACST on Thursday 3 September 2015 at the offices of Colliers International, 396 Stuart Highway, Winnellie or posted to GPO Box 1194, Darwin NT Alternatively proposals can be ed to nigel.sharp@colliers.com INFORMATION TO BE PROVIDED Expressions of Interest are required to include as a minimum the following information: 1. The name of the Interested Party, together with the Principals supporting the Interested Party and any details of the holding company or entity if the Interested Party is a subsidiary or part of that group of companies. 2. The purchase price (exclusive of GST) together with proposed deposit, settlement and any conditions of purchase, including internal and external approval processes. 3. A list of consultants including the Interested Party s solicitors. 4. Full details of the Interested Party s capacity to complete the transaction in a timely manner. 5. Confirmation of the Interested Party s understanding regarding the environmental controls across the site. P.g.11

16 AGENT CONTACT DETAILS All enquiries, inspections and requests for further information should be directed to the Vendor s exclusive marketing agents: NIGEL SHARP Director Commercial Sales & Leasing P: (08) M: E: nigel.sharp@colliers.com 396 Stuart Highway, Winnellie NT 0820 T: (08) F: (08) Disclaimer. This report has been prepared by Colliers International (NT) Pty Ltd for the information of potential purchasers to assist them in deciding whether they are sufficiently interested in the property offered to proceed with further investigation in relation to the property. The information contained in this report does not constitute any offer or contract of sale; it is provided as a guide only; and has been prepared in good faith and with due care. Potential purchasers must take note that the figures and calculations contained in this report are based upon figures provided to us by outside sources and have not been verified by us in any way. We have no belief one-way or the other in relation to the accuracy of such information. Any projections contained in this report represent estimates only and may be based on assumptions that may be incomplete, incorrect or erroneous. Potential purchasers must satisfy themselves in relation to all aspects of the report including development potential and cost; market take up; rent levels; outgoings; and all other matters a prudent purchaser would consider relevant. The Vendor, Colliers International, or their employees, agents or representatives will not be liable for any loss or damage resulting from any statement, figure, calculation or any other information that a potential purchaser relies upon that is contained in this report or any other marketing material. The property will be traded or sold as is and with all faults, without any representation or warranty as to its condition; fitness for any particular purpose; or compliance with any relevant law. The Vendor reserves the right, at its sole discretion, to postpone or cancel the proposed trade or sale of the property and to modify or add any terms and conditions to any proposed contract, vendor s statement or other material associated with the proposed sale, which may be made available to a potential purchaser. P.g.12

17 Colliers International 396 Stuart Highway Winnellie NT 0820 GPO Box 1194 Darwin NT 0801 TEL: FAX: ABN Accelerating Success.