CBD block hits market after decade of disappointment

A developer has put a CBD block on the market because he believes the city is “dead”.

A seasoned Darwin developer has listed a Manton Street property for sale a decade after he bought it, claiming commercial development in the CBD is “dead”.

Retired concreter and builder John Alexopolous has been trying to develop the property on the corner of Manton and McMinn streets for a decade, during which time he said he had seen the life drain out off Darwin’s CBD.

Chin Property Group listed the 1418 sqm property for $3.75m.

Mr Alexopolous has been developing projects in Darwin since 1975 and said he had never seen the city so bereft of life and optimism.

Manton Street May 2024

“The city has been going backwards for the past 10 years or more,” he said.

“Everything’s for sale at the moment. All the blocks. It costs money every year with power and rates and I’ve just had enough.

“Nothing happens in the city. Nobody wants to stay in the city and there’s not enough business for developers because people want to move into Zuccoli, Muirhead or Lee Point.”

Mr Alexopolous’ frustrations were exacerbated by mixed-messaging from government about CBD residential development.

He said they originally approached him to scope out seniors aged care at the site but after investing in a design proposal the government lost interest.

In addition, he is shocked at the government’s lack of urgency in building accommodation in the CBD for the thousands of additional students expected to use Charles Darwin University’s city campus when it opens later this year.

“Where are the 4000 new students going to live in the next couple of years? Where are their mums and dads from China and India going to stay when they visit? What about the lecturers and professors? No bank’s going to give money to developers to build student accommodation,” he said.

The property has dual street frontages to Manton and McMinn streets of 50.6m and 28.04m respectively.

Chin Property Group said the property consisted of two lots and had previous approval for a mixed use development comprising ground level commercial premises with 15 levels of residential space including 48 apartments with 180 degree views over Darwin Harbour.

The zoning would permit a variety of alternative developments and, the agents say, presents a great opportunity as a land bank investment or for an active developer looking to capitalise on the shortage of suitable residential accommodation in Darwin.

It has been seven years since the Tomazos Group’s Magnum building was the last residential apartment block built in Darwin’s CBD.

Mr Alexopolous’ block is located next to another prospective development owned by the Athanasiou Group.