Rare Cullen Bay waterfront site in Darwin hits the market with $1.85 million hopes

Cullen Bay was established in the early 1990s as Darwin’s first major marina and waterfront development. Today, the precinct combines luxury homes and apartments with boating infrastructure, restaurants, cafes, bars and the nearby ferry terminal.

“Cullen Bay was the original waterfront development,” says Knight Frank Northern Territory director Peter McVann. “It was developed around 1994, so that’s more than 30 years ago.

“It was one of the original waterfront developments, and since then the Darwin Waterfront has been developed as well. Cullen Bay is really the bookend of Darwin.”

McVann says the neighbourhood is widely regarded as one of Darwin’s blue-chip residential areas and is home to some of the city’s most valuable houses.

With a $1.85 million price guide, the commercially zoned property for sale comprises two existing buildings selling with vacant possession.

McVann says the expressions of interest campaign has been running for less than a week but is already generating a strong response online and is likely to attract an add-value buyer willing to reimagine the existing buildings for either commercial or residential and tourism purposes.

“It’s still early in the campaign, but we are already seeing considerable interest because it’s so rare a property like this comes to market,” he says.

Redevelopment potential

Potential uses include commercial offices, luxury waterfront residences, boutique short-stay accommodation, hospitality, wellness or tourism facilities, or a broader mixed-use destination, subject to approvals.

The site also benefits from expansive marina views and the potential for marina berths.

Importantly, a substantial part of the development work has already been completed.

“The hard part has been done – the structure is there,” McVann says. “To build something new is pretty expensive, but to add value to something internally is cheaper.”

He adds that this is an attractive proposition for a buyer in a construction market where the cost and complexity of delivering new projects can be a major barrier. Rather than beginning with an undeveloped parcel, an incoming owner will have existing structure from which to create a new waterfront offering.

McVann describes comparable opportunities within Cullen Bay as exceptionally scarce.

“There are probably only two sites that could do something similar,” he says, noting the other site is currently used for parkland and community purposes. “It’s very, very rare.”

Expressions of interest for 40/68 Marina Boulevard close at 4pm ACST on Wednesday, September 2.