Savills Australia and New Zealand and Knight Frank are pleased to exclusively bring the Travelodge Resort Darwin to the market, representing an exceptional opportunity to purchase a freehold hotel with vacant possession and an incredible opportunity to repurpose the asset to student accommodation or redevelop to other short term ‘living solutions’.
The property, located at 64 Cavenagh Street in Darwin City, has 224 rooms including 32 townhouses and a host of resort amenities including five swimming pools, Treetops Restaurant, conference and events facilities, a gymnasium, a sun deck and BBQ area as well as 115 car parking spaces. With these unique resort amenities and four separate street frontages on the large central land parcel, the property is a compelling accommodation proposition.
Mark Durran, Managing Director Hotel Capital Markets at Savills Australia and New Zealand said, “The Travelodge Resort Darwin is a truly unique resort hotel in the centre of Darwin, presenting extremely well after a recent refurbishment of the hotel accommodation and offers extensive resort amenities.
“This asset provides a very rare opportunity for an incoming buyer to add value to an income producing asset by repurposing or implementing a change of use. The 1.31-hectare site has advantageous zoning allowing near-term student accommodation use as well as longer-term redevelopment opportunities,” Mr Durran added.
There are currently more than 5,600 international students studying in the Northern Territory contributing around $169 million each year to the Territory economy.