Eleven and counting: Sydney’s Sandran buying up big in the Top End
A Sydney company has opened the wallet and is in the middle of a Darwin spending spree. Where will it end?
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A Sydney company is quietly acquiring a substantial Northern Territory property portfolio, as work continues on a significant Darwin CBD redevelopment.
In April, Macquarie Street-headquartered Sandran Pty Ltd added an 11th property to its already impressive Top End portfolio when it finalised the purchase of Darwin’s famous Westpac Bank building.
The company that developed the $75m Manunda Place project paid $7.6m for the 84-year old heritage listed Wespac building which survived Japanese bombing raids and Cyclone Tracy.
Six of Sandran’s 11 properties are in Darwin’s CBD, of which three are in Cavenagh Street, one in Mitchell Street and the Westpac site in Darwin mall.
Manunda Place is at 38 Cavenagh St, Energy House at 18 Cavenagh Street and 8 Cavenagh Street at the site of the company’s multimillion-dollar redevelopment of the old Palm Court office space.
Founded in 1991, Sandran paid $4.95m for Palm Court in July 2020 and anticipates spending at least five times that again on the extensive redevelopment.
Sandran said it was building a ‘Garden of Eden’ at the block on the corner of Cavanagh and Bennett streets which will consist of a 13-storey office block on 1929 sqm including shops, restaurant and offices overlooking Darwin Harbour.
The project was designed by Sissons Architects, which also partnered with Sandran for the Manunda Place development which is now occupied by the Department of Health.
“The building has been designed and oriented to take advantage of attractive ocean and city views,” the company’s 2022 DCA application said.
Also in the CBD, Sandran has the Litchfield Street office it acquired for $22.6m and the recently purchased Westpac building.
In December 2021 Sandran scoured Darwin’s suburbs, snapping up the Stuart Park Officeworks complex for $13m, an East Arm showroom for $11.11m and the 14 Winnellie Road commercial centre for $15.5m.
It also secured commercial space at 66 Coonawarra Road and at 50 Bradshaw Terrace in Casuarina.
Sandran principle William Phillips was happy to take the NT News’ call, but declined an interview, saying the company preferred to fly under the radar.
“We’re a private company and we just want to go about our business,” he said.
“We don’t do media because we want to keep working and developing projects in Darwin.”
He said the Palm Court project was still in its development stage, with the white protective plastic used to seal the building during asbestos removal taken from the building earlier this year.
Large amounts of rubble and metal are visible from near the Litchfield Street property the company owns.
Believed to be worth well in excess of $200m, Sandran’s growing Top End empire has a long-way to go before it becomes the Territory’s biggest urban property owner.
That honour rests with Sentinel, which paid in excess of $400m for Casuarina Square in 2021 and has a suite of other Top End properties estimated by KPMG to be valued at well over $600m.
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