Northern Territory Government Newsroom

$82 Million Boost to Local Economy through Territory Labor Government’s New Scheme

The Territory Labor Government knows increasing private sector investment creates strong economic growth and more local jobs.

Private investment opportunities must be encouraged and unlocked, this is what our Leased Property Stimulus Scheme is doing.

The program – which began in January - sees Government working with building owners to stimulate economic activity in the Territory, generating capital woks, supporting local businesses and creating jobs.

The scheme encourages building owners to invest further in their properties in return for the government granting lease extensions of up to 10 years.

The take-up has been positive with an estimated value to date seeing a $49 million investment, which will generate an economic benefit of $82 million to the economy through work provided to local suppliers and contractors.

Paspalis Centrepoint located in the Darwin Smith Street Mall, is one of 13 properties who have been approved under this scheme, with another 30 under submissions from across the Territory including Alice Springs.

External and internal construction is currently underway at Paspalis Centrepoint with an innovative communications cube the main feature of the renovation. The cube will extend over Smith Street mall and offer high tech facilities.

All works undertaken within the Leased Property Scheme must use Territory Enterprises and follow the Buy Local Policy.

 

Quotes attributed to Chief Minister Michael Gunner:

“The Territory Labor Government is stimulating the Territory economy and working with local building owners to generate capital works, create jobs, encourage private investment opportunities and support local businesses.

“This Scheme is funded by private capital with no government capital expenditure, which proves partnerships between government and the private sector is working.

“This scheme will also help to revitalise the Darwin CBD by encouraging building owners to improve their sites and the look of our CBD – making it a more attractive place to live, work and visit.”

Quotes attributed to Paspalis Building Owner, Harley Paroulakis:

“The long term Government lease provided through the Leased Stimulus Program has provided our company the ability to justify an extensive capital works program into Paspalis Centrepoint which is an important strategic building in the Darwin CBD. 

 “Our investment will see the building positively repositioned for the long term benefit of its tenants and retail revitalization of the Darwin CBD.

“We applaud the NTG’s decision to create this smart policy that directly stimulates the reinvestment and modernization of existing Darwin CBD buildings as well as the city.” 

 

Media contact: Cameron Angus 0404 021 192