First National Commercial sets record for Darwin

Jacana House, Darwin - $58.75 million

MEDIA RELEASE: 2 December 2011

First National Commercial O’Donoghues has set a new record for Darwin CBD commercial sales with the sale of Jacana House for $58,750,000.

The nine-story 39 Wood Street building was built and owned by successful local development company, Gwello Developments. Uniquely, it has a 5 Green Stars rating for design, 5.5 stars for Nabers energy efficiency and is the leading green office space in the Northern Territory. A raft of Federal Government departments as well as listed companies currently calls the building home.

First National Commercial O’Donoghues says that Jacana House was not for sale but, due to strong investment demand, the agency approached the owner with a solid offer.

‘Our residential and commercial business maintains close contact with buyers nationally and we’re not short of investors who are very interested in Darwin opportunities’ says First National Commercial O’Donoghues principal, Jeremy O’Donoghue.

A transport logistics investor, formerly from Darwin, seized the opportunity to secure the ‘A’ grade and environmentally friendly office building through First National Commercial O’Donoghues because no other suitable commercial properties were listed for sale.

‘Jacana House is the only commercial high-rise in Darwin with such a strong energy efficiency rating and it will soon have the ‘As Built Green Star’ rating as well,’ says Mr O’Donoghue.

‘It is an extremely energy efficient building. An enormous amount of thought and effort has gone into the design and construction, which incorporates the requirements of the Green Building Council of Australia.

‘The buyer was seeking a solid, long-term investment with blue chip tenants so we were very comfortable recommending Jacana House as a potential target’.

The Darwin property market is expected to provide exceptional returns for investors for the next few years and commercial property investment may well be leading the pack. Major new projects are coming on line in early 2012.

‘Consumer confidence has hit a 12 month high and is expected to strengthen further as a result of the recent drop in interest rates, the US Presidential visit and the range of projects about to commence. This sale represents clear confirmation of the considerable confidence investors have in Darwin’s future projects.’ says Mr O’Donoghue.

Issued by: First National Commercial O’Donoghues

For further information:

Principal, Jeremy O’Donoghue on (08) 8942 8942 or 0407 080 067