Expressions Of Interest Open For Northcrest Residential Land Release

Expressions Of Interest Open For Northcrest Residential Land Release

Northern Territory Chief Minister Michael Gunner

Multi-Million Dollar Berrimah Farm Milestone

Victor P Taffa

One of the largest residential land release projects in the history of the Northern Territory (NT) has moved one step closer with the unveiling of the marketing name and the opening of Expressions of Interest for land purchase today.

Chief Minister Michael Gunner today joined Halikos Group Managing Director Shane Dignan to unveil the new marketing name –Northcrest– at the 168 ha Berrimah Farm site.

“This will be a landmark development for the Northern Territory, allowing us to plan for future Top End housing demand and underpin economic growth.” Chief Minister Gunner said.

“The redevelopment project will provide for housing demand for the next 13 years, creating more than 3,000 jobs in its lifespan and providing a $1 Billion boost to the Territory economy once complete.”

“From today Territorians will be able to obtain an Expression of Interest to purchase one of 150 blocks of land available in Stage One of Northcrest from March 2017.”

Blocks will range from 400 sqm to 750 sqm.

Redevelopment of Berrimah Farm is a key element of the Northern Territory Land Release program and will deliver land for over 2,000 new residential dwellings and a mixed use secondary activity centre in 11 Stages.

Northern Territory has entered into a Project Development Agreement (PDA) with Halikos Group for the delivery of the project. The deal did not include royalties or cash payment.

Instead, the Halikos Group will construct and return to the Territory an estimated $60 Million worth of headworks and infrastructure, as well as funding significant costs associated with remediating the land.

Headworks, valued at around $28 Million, are works the NT Government would otherwise be required to fund through the Capital Works Program.

An independent valuation found the value of the land as a fully serviced, remediated site to be worth $20 Million.

Valuation was based on the site being uncontaminated and fully serviced for power, water and sewer.

Halikos Group will also provide the Territory with two schools sites and will be responsible for providing municipal functions to the site for the life of the project.