This has been nothing more than a hole for almost 20 years: Infamous Chinatown site sold for $3.75m
The infamous “Chinatown hole in the ground” in Mitchell Street, which once carried a price tag of $23 million has sold for $3.75 million to a mystery buyer.
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THE infamous Chinatown hole in the ground on Mitchell Street, which once carried a price tag of $23m has sold for $3.75m to a mystery buyer.
The sale by Colliers International settled last week, but the company would not reveal who the new owner is or what their plans are for the site.
The sale has created a buzz of excitement because for almost 20 years the current 5630sq m site alongside the defunct BCC Cinemas Darwin, has been nothing more than a boarded up, overgrown hole in the ground.
In 2002, a local consortium had proposed an ambitious $90m hotel, office and retail Chinatown project on what was then a 7500sq m site.
The only bricks and mortar development to take place was the Smith Street Chinatown carpark.
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International hotel group Accor was expected to lease the two hotels planned for the site under its HotelF1 and Ibis brands and the NT Labor government had committed to take 4300sq m of the premium office space on a 10-year lease.
In 2016, a Sydney based developer assumed sole ownership of the proposed Chinatown development.
Real Estate Institute of the NT chief executive Quentin Kilian said the sale was a further sign of the optimism being shown in Darwin by investors.
“It would be wonderful to see something happen with that site, it’s been vacant for so long,” Mr Kilian said.
“It will be very interesting to see what the new owners have in mind given the site’s approval for a mixed use development. Something like the original Chinatown proposal would be unique and invaluable for tourism.”
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Chamber of Commerce NT chief executive Greg Ireland said he looked forward to Mitchell Street getting another asset.
“With so many street frontages it is in a prime location and hopefully the new owners are keen to develop it quickly,” he said.
The property boasts three street frontages and harbour views from an elevated position.
The original vision was for three buildings of 28, 25 and five storeys around a ground level retail and entertainment plaza. with four levels (484 spaces) of basement carparking.
The composition of the buildings was to include 63 hotel rooms/serviced apartments, 262 residential apartments, 1127sq m of commercial suites and 3899sq m of retail.
Originally published as This has been nothing more than a hole for almost 20 years: Infamous Chinatown site sold for $3.75m
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