There has been a big push by developers to have tightly held land throughout the CBD released to help service the insatiable demand for units, hotels and mixed use developments. Driven in part by recent major oil and gas projects and increased spending by Australian and U.S. defence forces thanks to Darwin's strategic location as the gateway to Asia, there is a robust economy for new development within the CBD where Darwin's younger population are wanting to live, work and play.
The limited supply of development land in the city area has however continued to force strong increases in land sales prices, with a recent record price of $23 million being paid for a 3800m² development property.
In response to this need for prime city land the east side of the city has been undergoing a major transformation from its more industrial focused past to a vibrant location for trendy new housing, shops and offices. Bordering valuable open space on this side of the city is Harvey Street, a street that is becoming more well known in recent months as new high-rise buildings on this street have emerged from their basement levels and are rapidly altering the skyline in this part of the city.
The 'Precinct on Harvey' presents six affordably priced hi-rise development sites around an exclusive culs de sac. Offering outstanding water and city views from this elevated land, these fully serviced allotments are now complete, with titles expected to be issued at any time. Identified in the CBD masterplan as a key new growth area in the city this land will eventually abut the main road entrance corridor from Tiger Brennan Drive into the city heart. One savvy developer has already understood the locational advantages of this new precinct and is now marketing his recently approved 62 unit residential development on a site in this precinct with construction expected to commence later this year.
Development parcels range from 1224m² - 1689m² in size which are ideal for medium size developments which are easily funded through local banks with pre-sales.
Harvey Street itself has also been undergoing some significant changes, with Power Water Corp remodelling the electricity substation and soon to remove large towers and major overhead power lines associated with this land use. Almost all of the low voltage poles and lines that previously lined this street have now gone and new street lighting has been erected in their place. New services infrastructure for major development has resulted in upgrades to water and sewer mains, and a large stockpile of soil that had been stored on Barnesan Street has been removed by the Department of Transport. With other developments already approved in the area, it is also rumoured that Darwin City Council will review the current untimed 'on street parking' with a view to changing this arrangement to 2 hour limited parking to improve access and safety.