Work underway on Darwin’s first new apartment block for seven years
A Darwin developer has started work on Darwin’s first new apartment block in seven years. Read why he’s building.
Northern Territory
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Work has begun on building the first new residential apartment block in the Darwin CBD for seven years.
Long-time Territory developer The Athanasiou Group of Companies will build the $12m LUXE boutique apartments at 35 McMinns Street, Darwin.
Designed by Territory architects Savvas P Savvas, the 10-storey LUXE project consists of 24 three-bedroom apartments, with a ground level commercial tenancy.
With the project on the drawing board for the past couple of years, Athanasiou Group principal Leo Athanasiou said there had been a noticeable shift in the Territory economy over recent months.
He said an increase in available contractors as well as an ability to rent a neighbouring block as a storage yard had also helped push the project over the line.
The project will be the first new residential apartment built in Darwin since the Tomazos Group constructed the Magnum bulding on Woods Street in 2017.
Mr Athanasiou welcomed the recent shift in economic fortunes after a long period of inaction.
“We’re praying it’s Darwin’s turn and it must be our turn,” he said.
“Seven years is a long time and the valuers have been starting to change their views on Darwin a bit.
“Three or four months ago just after Christmas it started to turn and I started to get the calls from valuers who had looked and said things have changed. Stock is starting to get low around Darwin, rents are quite strong and we need to build new stuff because as you can see, there is nothing.
“Before I started my project I had a situation where the construction cost was higher than the end value and that doesn’t work.
“It turns very quickly because we’re such a small place so it doesn't take a lot to turn Darwin on; a ship lift, a $300m investment from Shane Dignan’s company DCOH. It just takes those kind of projects to turn it all on in Darwin.”
The three-bedroom apartments will be used as rentals targeting a wide market, including professional tenants.
“The third bedroom has broadband for an office for people working from home. I spoke to miners and universities and others and they wanted three-bedroom apartments, and having one spare bedroom as a home-office for working from home was important.”
Mr Athanasiou supported CLP leader Lia Finocchiaro’s HomeGrown Territory Grant scheme, which committed $50,000 to build a first home and other grants to build and buy new homes.
“What a wonderful announcement that was,” he said.
“The Labor Party should not be shy taking up something like that and I’m sure they will because it’s a great idea.
“I’m not sure if it’s too much and that will be assessed, but the week it was announced there was more activity by contractors and housebuilders. I know housebuilders that went and put deposits on blocks to hold them from that announcement.”
The LUXE apartment construction is expected to take about 12 months.
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Originally published as Work underway on Darwin’s first new apartment block for seven years
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