The $300 million Berrimah Farm redevelopment has taken a major step forward, with the Northern Territory Government and Halikos Pty Ltd signing a Development Agreement.
Once completed as a developed suburb with residential, commercial and community facilities, Berrimah Farm will be worth in excess of $1 billion.
The landmark development is one of the largest land release projects in the history of the Northern Territory and will create up to 3,200 jobs over the 13 year life of the project. This will provide economic stimulus through construction activity and the trade supply chain.
Halikos Group has a strong vision for the future of the site which supports 7,500 residents, restaurants, bars, supermarkets, two schools and speciality shops.
Once complete, the site will be home to a major new shopping and commercial precinct which will also deliver ongoing retail and white collar jobs.
The redevelopment of Berrimah Farm will also put downward pressure on the cost of living for Territorians, through the release of land that will accommodate over 2000 new homes.
There is a substantial amount of planning and design required for a project of this nature, as well as regulatory approvals that will need to be achieved by Halikos Group prior to commencing construction. It is anticipated it will take one to two years for this preparatory work to be complete.
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Last updated: 02 August 2016