Historic Admiralty House hits Darwin market
One of Darwin’s most historic buildings on the Esplanade is up for sale.
Admiralty House, on the corner of Knuckey St and the Esplanade, went to market on Tuesday.
The building is home to award-winning restaurant Char, which will not be closing or moving locations.
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Chin & Associates director Seth Chin said it presented a unique investment opportunity.
“It’s the only food and beverage venue on The Esplanade and the venue itself can’t be re-created,” he says.
“It also offers great returns and a stable income for the right buyer.”
Admiralty House was built in 1937 on the corner of Peel St and the Esplanade, before being relocated to its current site in 1951.
In its 81 years, Admiralty House was the residence to a postal officer, the naval headquarters for the Cyclone Tracy clean-up program, an art gallery and home to the Darwin Club.
In 2006 restaurateur John Kilroy bought the building and refurbished it into Char.
Chin explains Kilroy plans to put the money back into Char.
“The owner has historically always operated leasehold assets such as the award-winning Cha Cha Cha and Jellyfish in Brisbane,” Chin says.
“The landlord is seeking to sell the freehold to reappropriate those moneys with the understanding that he is leaving upside for the next purchaser.
“There’s currently a development application out for the new owners to possibly, if they want to, refurbish the site and increase the footprint of the site.”
Chin & Associates’ Investment Memorandum showed refurbishment potential included a covered walkway, separate wine storage container, a transparent glass encased elevator, separate stand-alone bar and more.
Chin says expressions of interest are open until September 15.
“We’re chasing probably north of $5 million,” he says.
”With commercial properties like this, the rent essentially justifies the price. At the moment the rent is $350,000 per annum.”
Chin anticipates investors will quickly step forward given the property’s value and potential.
“We’ve already had a few interested parties come forward and that’s within 12 hours,” he says.
This article from NT News originally appeared as “Admiralty House: Historic gem of Darwin Esplanade hits market”.