Business news from across the Northern Territory: Latest highlights include movement on the Greater Holtz development to boost the construction sector; a developer unloading a CBD block property claiming stagnant development; and Westcoast Repairs opens at Casuarina Square. Also making resource news, Tamboran is ready for NT LNG by this year, and Avenira Ltd sees underlying cash flow challenges.

Economy

Greater Holtz development to boost the construction sector, deliver affordable housing

Holtze Land Co Pty Ltd (HLC) has been announced as the developer for the Holtze Land Release. More than 550 lots will be established in this first tranche of development. The wider urban development known as Greater Holtze has the potential to service 11,000 lots. Budget 2024 will include a $43.1 million investment to deliver the Holtze project.

HLC is a joint venture between Territory businesses, AKJ Development No. 1 Pty Ltd and HB Constructions (NT) Pty Ltd. HLC will develop an urban, entry-level residential subdivision on Crown land in Holtze with the first land titles expected to be issued in late 2025.

Real estate

Developer unloads CBD block property claiming stagnant development

Professional Darwin developer John Alexopolous has listed a Manton Street property for sale 10 years after buying it, stating that commercial development in the CBD is dead. Mr Alexopolous attempted to develop the property near Manton and McMinn streets for a decade but claimed Darwin’s CBD was lifeless.

The 1,418sqm property has been listed by Chin Property Group for $3.75 million. The property has dual street frontages to Manton and McMinn streets of 50.6 m and 28.04 m respectively.

“The city has been moving backwards for the past 10 years or more,” Mr Alexopolous said. “Everything is for sale at the moment. It costs money every year for power and rates, and I’ve 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.”

Previously approved for a mixed-use development comprising ground floor commercial premises and 15 levels of residential space, including 48 apartments with 180-degree views of Darwin Harbour, the property consisted of two lots.

Business

Westcoast Repairs opens in Casuarina Square

Tech company Westcoast Repairs has opened its second outlet in Casuarina Square. The repair outlet was part of a wider business footprint in Western Australia, Sydney and Darwin. Westcoast’s business strategy includes sourcing high-quality products directly from manufacturers.

“The success of our first location inspired us to expand further, and there’s no better place for this than Darwin,” business co-owner Survi Jaiswal said.

“Westcoast has seen impressive growth since Survi launched the business when we were living in Perth, and we are now boasting annual revenue of $1 million. With a robust vision for growth and a solid foundation of technological expertise, the Westcoast Group is well-positioned to continue its upward trajectory in the competitive tech market.”

The owner has also diversified into mining services and is considering expanding into new markets such as lab-grown diamonds.

Resources

Tamboran to be ready for NT LNG pre-FEED by this year

Tamboran Resources said it is ready to start financial discussions around its proposed project at Middle Arm once it enters the pre-frontend engineering design (FEED) stage, before making a final investment decision before 2026 ends. Tamboran is currently in the process of preparing for pre-FEED development for its proposed 6.6 million tonnes annual Northern Territory LNG (NTLNG) development at the Middle Arm industrial precinct in Darwin and expects to announce details in mid-year.

The company has completed the concept select studies with Wood Group. Key decisions will be made regarding size, liquefaction technology, plant layout and schedule that will set the scope for pre-FEED studies.

Avenira Ltd sees underlying cash flow challenges for its NT project

NT phosphate player Avenira Ltd has pointed to underlying cash flow challenges for its Wonarah phosphate project, located 300 km east of Tennant Creek. An ASX brief has shown that the company had $1.108 million cash on hand at the start of April.

“Avenira does not expect to have the level of operating cash outflows in the remaining 2024 quarters as it has revised its expenditure programs to significantly reduce its operating cash outflows with expenditure focused on the advancement of the yellow phosphorous metal project. Avenira expects additional capital will be required to fund its operations after the September 2024 quarter,” the brief said.

The company said it would assess the most suitable method for raising the needed additional capital. A capital raising announced on March 18 raised gross proceeds of $1.251 million and net proceeds of $1.193 million. The company said it would monitor phosphate rock prices and continue working with off-takers when the market recovers.