Finocchiaro family resumes work on Palmerston Central project
Work has resumed on a Palmerston project stalled by the pandemic, with the second stage estimated to cost $10m.
Northern Territory
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Work began last Thursday on the estimated $10m second stage of the Palmerston Central precinct, four years after it was put on ice when Covid broke out.
Located at 38-42 Georgina Crescent, the development is adjacent to Palmerston Central stage one, which was completed about 15 years ago.
Works had already begun at the site when developers Territory Property Group stalled the project because of complexities caused by the pandemic.
But with builder Sunbuild erecting the precast, the centre is expected to be operating by the third-quarter of this year.
Territory Property Group principals Will and Ben Finocchiaro have carriage over the second stage of the development.
“Large format retail is what an agent would call it,” Will said.
“But we call it highway commercial, which is large format commercial tenancies for anybody looking for a prominent location.”
Territory Property Group already built Winnellie Central and Stuart Park Central, which contain a cornucopia of retail, commercial and service outlets including Officeworks, Carlton United Breweries, a medical and X-ray clinic and gym.
TPG retain ownership of the properties they build, which delivers long-term benefits for tenants.
“Our MO is to build the development and lease it,” Will said.
“We’re long-term Territorians and building owners which is why, generally speaking, our stuff is better quality than somebody who sells it straight away.
“We’re thinking about what’s going to happen in year 20, whereas a developer selling the building isn’t going to worry about that.”
One yet-to-be-identified tenant has already leased building one, a 550 sqm space, but most lease arrangements are expected to be secured closer to completion.
Sunbuild’s Neil Sunners is looking forward to completing the project he started five years ago.
“We stopped after we built the infrastructure into the pad, we got the fencing tidied off and the road secured,” he said.
“We’d been waiting for the right time to get it up so it’s there, because tenants want to see the property, walk in and move into it. That’s the way the world’s gone these days.”
Sunbuild project manager Matthew Sommer-Ball said about 60 people would be involved in construction.
“The precast is going up now then it will be the structural steel, concreting, plumbing, electrical, tiling, floor coverings and then, depending on the leasing arrangements, possibly the fit-out. At the moments this is just a bare-bones lockup.”
Managing agent Nigel Sharp from NTC Property said the total site area was 4431 sqm, with tenancies available from 230-1707 sqm.
“Palmerston Central is set to become Darwin’s newest commercial and retail hub,” Mr Sharp said.
“The centre will be strategically positioned to capitalise on major NT arterial roads, including Stuart Highway and Tiger Brennan Drive and it boasts prominent frontage along Roystonea Avenue and multiple access from Chung Wah Terrace and Georgina Crescent.”
For details, contact Nigel Sharp on 0422275920.
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Originally published as Finocchiaro family resumes work on Palmerston Central project
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