Shopping centre development offers investment potential
A new shopping centre in Palmerston is expected to be built in the coming months to the tune of $300 million, which could present a wonderful opportunity for future commercial property in the Northern Territory. The Gateway Shopping Centre will be a huge bonus to the state, with an expected 3,000 new jobs to be created throughout the construction process and operation phase.
Chief Minister Adam Giles said the shopping centre would be an endorsement of the state’s economy and aim to promote future growth prospects in the area.
“My government has been working tirelessly to create a business environment that encourages investment so we can meet the needs of a growing economy,” said Mr Giles in a 25 August statement.
Furthermore, Minister for Lands, Planning and the Environment Peter Chandler said the plan would work towards achieving the goal of increasing housing affordability and reducing the cost of living, by making it easier for released land to be turned into new developments for the population.
If you’ve been looking into potential investment in the Northern Territory’s economy, now could be a great time to consider moving into the region and establishing your own commercial real estate in the coming months.