Berrimah Corporate Park sold to South Australian investor for $80m

The Berrimah Corporate Park, partly owned by NT businessman Brett Dixon, has sold to a South Australian investor for $80m.

DARWIN Corporate Park in Berrimah has been sold for $80m.

Berrimah Holdings, partly owned by NT businessman Brett Dixon, is expected to finalise the sale to a South Australia investor, who is just entering the Northern Territory property market, in the last quarter of the year.

The buyer, Southern Cross Equities (SCE), owns several buildings in Adelaide and is following the money trail to the Territory.

SCE owner Kel Spencer told the NT News from Adelaide that buying the Berrimah Corporate Park could be the first of many purchases.

“It’s an outstanding piece of real estate,” Mr Spencer said.

“We think that Darwin over the next decade or more looks fantastic and we have a lot of confidence in the building and the quality of the real-estate.

“We’ve got a lot of confidence in Darwin and the Northern Territory going forward. The energy, the mining, the tourism building back up and Defence all points to a pretty strong short to medium term future.”

Built during the Inpex boom of the 2010s, the Corporate Park is currently going through a stage two expansion and more land is available for future growth.

“This is the first investment property that we’ve established up there and we’re hoping for further investments,” Mr Spencer said.

“This is the beginning but we’re looking.

“It’s a long-term hold, basically. We’ll hold it and add value to it.

“We’d prefer to have the tenants lined up to go ahead and build rather than speculated it. “That’s probably not what we do but the way things are moving up there I think we’re going to find tenants without too much difficulty.”

Southern Cross Equities recently sold the 60 King William Street building in Adelaide for $85m and owns Cairnleigh shopping centre in Victoria.

A Berrimah Holdings spokesman said the Berrimah Corporate Park was designed to be central to key Top End centres, including Darwin, Palmerston, the northern suburbs, airport and wharf.

“The park itself was exciting to create and build and it’s been very successful. The park has no space at all. It’s completely leased out,” he said.

“I suppose for us it’s an opportune time to move forward, turn things over and re-invest in Berrimah, Darwin and the Northern Territory.

“We’ve got a lot of land still here in the Berrimah Business Park and blocks out the back and land here alongside the park here so we’ll be re-investing there and we’re looking at other opportunities whether it be the CBD or down in Alice Springs.”