Development lots fail to reach reserve

Development lots fail to reach reserve

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The planned development of 200 new apartments in Palmerston, Northern Territory, has been put on the backburner after the two lots dedicated to the development were passed in at auction.

The lots, both of which are more than two hectares in size, were auctioned for medium density residential development.

The bidding reached $1.7 million for each lot, however, that was just short of the government’s reserve price.

The government’s control over the property design together with the 15 per cent affordable housing requirements in the Northern Territory are believed to have deterred some developers from placing their bids.

The Government will now look into private sale avenues and negotiations with developers.

The planned development of 200 new apartments in Palmerston, Northern Territory, has been put on the backburner after the two lots dedicated to the development were passed in at auction.

The lots, both of which are more than two hectares in size, were auctioned for medium density residential development.

The bidding reached $1.7 million for each lot, however, that was just short of the government’s reserve price.

The government’s control over the property design together with the 15 per cent affordable housing requirements in the Northern Territory are believed to have deterred some developers from placing their bids.

The Government will now look into private sale avenues and negotiations with developers.

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