Drought-breaking Palmerston development approved

The developers who broke Darwin’s CBD apartment drought have unveiled their latest project. Read what’s going up.

The Territory developers who broke Darwin’s CBD construction drought are about to do the same in Palmerston.

Directors Leo and Katerina Athanasiou from Athanasiou Group have received Development Consent Authority approval to build Sanctuary Suites, a mixed-use commercial building in Palmerston’s CBD, the first such approval for almost eight years.

The development will include 30 x 2 residential suites with ground-level offices in a commercial building in the heart of Palmerston’s CBD.

Fronting Palmerston Circuit, vehicle access to the building will be from Hillson Street.

The proposal includes 15 two bedroom units on two levels with above ground access via breezeways.

LK Athanasiou’s new Palmerston development.

The ground floor includes alfresco dining, two offices, a communal area with a pool, foyer beauty spa room, in-house cafe and carparking.

Prices will start at the low $400,000 mark up to the mid-$500,000 range.

“The City of Palmerston and public have been very supportive and not one objection was received against our development,” Katerina said.

“We are looking to break ground early next year.

“This development allows first home buyers to purchase something new in the CBD that has never been offered before.

“Palmerston CBD is surrounded by magnificent amenities including water parks, shopping centres, gyms and restaurants. The new government grants have kicked off Darwin construction and new builds again.

The LUXE apartments at 35 Gardiner Street, Darwin.

“We have received many calls from first home buyers wanting to take up these grants to break into the market. Some of the stories about people leaving Darwin have now changed to conversations of people wanting to take advantage of these grants and purchase in Darwin.”

Leo said the new Homegrown Territory grants have generated significant movement in the housing market and there is enormous interest in residential living in Palmerston’s CBD.

The grants offer The Palmerston CBD development will be the first since Randazzo Property’s 2016 commercial development.

Meanwhile, as Athanasiou Group’s crews and contractors continue to work on the LUXE apartments in Darwin’s McMinn Street, the company has commissioned agents LJ Hooker and Seth Chin and Associates to sell 10 of the 24 under construction.

The group had originally planned to retain all the units, but Leo said demand for the apartments had changed his mind.

“I’ve been getting two cold calls a day from people wanting to buy the apartments or seeing if I wanted to sell them,” he said. “It’s demand driven off the Homegrown grants.”

He expects the LUXE development will be completed early in the second-half of 2025.

Originally published as Drought-breaking Palmerston development approved