Overview

After a prolonged period of dormancy, the property market in Darwin, Australia's most affordable capital city, is experiencing a significant resurgence and has entered a new growth cycle. This presents a timely opportunity for investors and developers to secure their future in this thriving market.

This property offers exceptional value for developers and land bankers alike. The demand for modern living spaces in this highly sought-after location has surged in recent years, with rental prices consistently reaching or exceeding those in nearby Palmerston.

Recent sales of ground-level units in Coolalinga have reached the mid-$600,000 range, and with the Northern Territory Government extending generous grants until September 2027, now is the perfect time to acquire land of this nature and develop it.

Coolalinga is at the heart of Darwin's expanding rural area and is one of the busiest shopping precincts in the Northern Territory. The site at 15 Grice Crescent is ready for immediate development, with existing services already in place, making it an ideal location for a small complex or village of ground-level units.

Key features of this property include:

• A 1,740 square meter Low Medium Density Residential (LMR) site, ready for construction.
• Conveniently located just 200 meters from Coolalinga Central.
• Perfect for small ground-level units or townhouses, with a significant demand in the current market.
• Situated in a major growth corridor.
• Adjacent to major shopping centers on both sides of the highway and accessible public transport.
• Potential purchasers may be eligible for $50,000 first home buyer grants and $30,000 new start grants from the NT Government.
• The site has previously received approval for two 1-bedroom and four 2-bedroom multiple dwellings in four single-storey buildings.

Location details:

• Coolalinga is located approximately 30 kilometers from the Darwin CBD and is easily accessible via Tiger Brennan Drive and Stuart Highway.
• While some residents commute to the Darwin CBD daily, most work locally or in Palmerston, which is about 10 kilometers away and serves as a satellite city of Darwin.
• The 15 Grice site is strategically positioned behind the existing Coolalinga Central Shopping Centre, providing future residents with convenient access to shopping, medical, postal, and banking services. Childcare centers are also available within the suburb and nearby Virginia and Bee's Creek.
• A bus interchange located approximately 500 meters from the site offers regular services to Palmerston, Darwin City, and other areas.
• Being in close proximity to Coolalinga Central Shopping Centre, residents will enjoy easy walking access to retail and amenities, including a Kmart, Coles Supermarket, and various specialty stores, including a local butcher, bakery, and fast food outlets such as Subway, KFC, McDonald's, and Hungry Jacks.

Additional information:

• Council Rates: Approximately $1,549 per annum.
• Area Under Title: 1,740 square meters.
• Zoning Information: Low-Medium Density Residential (LMR), formerly known as Multi Dwelling (MD).
• Status: Vacant possession.
• Unimproved Capital Value (UCV) on Title: $610,000 as of July 1, 2024 (previously $740,000 in 2015, trending upwards).
• Easements as per title: Electricity supply easement to Power and Water Corporation, drainage easement to Litchfield Council.

Location