Developer takes control of Darwin Chinatown

A SYDNEY-BASED developer has assumed sole ownership of the proposed Chinatown development in Darwin, saying he is committed to the original vision for the site

An artist’s rendition of the long-proposed Chinatown development for Mitchell St. Picture: SUPPLIED

A SYDNEY-BASED developer has assumed sole ownership of the proposed Chinatown development in Darwin, saying he is committed to the original vision for the site.

TMG Developments – owned by BRW rich lister Robert Magid, who was valued at $390 million in 2015 – was brought in by Leeon Properties several years ago in a bid to get the development out of the ground. Magid bought the minority shareholder out last month. He owns Sydney’s Pier One and Harbour Rocks and Melbourne’s Hotel Lindrum.

So far, just a basement carpark has been excavated and the associated structural shoring works completed. A massive hole sits fenced on the main Mitchell St tourism strip. It is one of the largest vacant landholdings in the city and its location places it at the heart of Darwin’s entertainment, retail and residential precinct.

In confirming the transaction, Mr Magid said he was committed to the 5630sqm landmark development site.

“We retain our commitment to the vision of Leeon Properties in developing a unique, Chinatown themed mixed use development that provides a link to Darwin’s rich Chinese heritage,” Mr Magid said. “However, getting Chinatown out of the ground depends on economic conditions and demand.

“We have confidence in Darwin’s strategic location and potential growth, so sole ownership gives us more flexibility as to whether we sell the development or sit tight until demand justifies financing a project of this scale.”

Chinatown was first proposed more than 15 years ago, offering a historic link to Darwin’s prominent Chinese heritage dating back to the late 19th century. After a number of false starts it has sat idle, despite development approval. The existing approval is for a mixed-use development.

Mr Magid said the company’s vision is for three buildings of 28, 25 and five storeys around a ground level retail and entertainment plaza. with four levels (484 spaces) of basement carparking.

The composition of the buildings would include 63 hotel rooms/serviced apartments, 262 residential apartments, 1127sqm of commercial suites and 3899sqm of retail. A project of this size is estimated to cost more than $75 million. The property boasts three street frontages and harbour views from an elevated position.