NT, Australian Govt Partner on Farrar West Project
The Finocchiaro CLP Government has finalised a Development Agreement with the Larrakia Development Corporation (LDC) to deliver a major new residential development on the fringe of the Palmerston CBD.
Minister for Lands, Planning and Environment Joshua Burgoyne has granted LDC a nine-year lease to enable development of Farrar West, completing a key element of the Kenbi Land Claim intertidal zone compensation package.
Located adjacent to the existing suburb of Farrar, the proposed 42.4-hectare development comprises 222 residential lots, five commercial lots, six group housing lots and one community purpose lot, to be delivered over eight years.
"Reaching this agreement marks a significant milestone towards boosting housing supply and infrastructure in the Territory," said Mr Burgoyne.
"New development is crucial as we continue delivering on our promise to rebuild the Territory economy. We know the Territory's population is growing, and our housing supply must grow with it.
"Whether you're a local looking to build your first home or looking to move to the NT, this project sends a clear message that the Territory is open for growth, investment, and opportunity."
The proposed development balances growth with lifestyle, featuring larger than average residential lots.
As part of its Housing Support Program, the Australian Government invested $25 million to boost housing supply in the NT, which included $11m to upgrade existing power, water and sewer infrastructure networks in Palmerston, which will support development at Farrar West.
Federal Member for Solomon Luke Gosling OAM MP said every Territorian deserves the chance to have a roof over their head.
"This investment demonstrates the Federal Labor Government is delivering more homes and home ownership for more Territorians - focusing on the key infrastructure needed for our community's continued growth," said Mr Gosling.
"The engagement of LDC to develop this project represents a tremendous opportunity for economic empowerment and the development of more affordable housing. "
LDC will undertake the development, creating opportunities for Aboriginal employment, business activity, and partnerships that deliver broader economic benefits.
LDC Chairperson Mark Motlop said the Farrar West development represented a significant step forward in delivering on the corporation's long-term vision for sustainable, community-led growth.
"This five-stage development has been carefully designed to support Larrakia families into affordable rental and homeownership opportunities, while also creating a liveable, enjoyable neighbourhood through generous lot sizes, connected footpaths and meaningful spaces," said Mr Motlop.
"Farrar West reflects our commitment to building not just housing, but a strong and enduring community for current and future generations."
https://nt.gov.au/
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