Peak performance on the sale of two key Darwin buildings
24 January 2019
Two prominent Darwin CBD buildings have been acquired by Melbourne based property fund Peak Equities for $50 million.
Jack Morrison and Peter Chapple of Savills Capital Transactions introduced the buyer who snapped up Darwin’s Old Admiralty Towers and the nearby Heritage building in a deal working in conjunction with Seth Chin from Darwin’s Chin Associates.
The buildings were both previously a part of the Jalouise property portfolio which feature some of Darwin’s most prestigious assets.
Jack Morrison said that the Savills Capital Transactions team prides itself on access to the most active capital in the market across Australia.
“Combining our knowledge of active buyers with Seth’s knowledge of the unique Darwin market yielded a great result for both parties,” Mr Morrison said.
Peak Equities currently has an overall portfolio worth close to $250 million with nine syndicated trusts operating across large format retail, industrial and office sectors.
“Holding assets across Victoria, Queensland, South Australia and Western Australia, this is the first time Peak Equities have added Darwin to their portfolio,” Mr Morrison said.
With a good mix of government and well established tenants in place, the properties are 100 percent leased with staggered lease expiries and an average remaining lease term of more than 12 years.
“Our client was largely attracted to the opportunity due to the prominent Esplanade location and Darwin’s strong economic growth potential,” Mr Morrison said.
