I am the agent for the sale of the Melanka …

Comment on Old Melanka site for sale – again by Doug Fraser.

I am the agent for the sale of the Melanka site so I obviously have a vested interest in the property. Regardless, it is important that accurate facts are presented on forums such as this.
Paul has stated that a price of $11m is fanciful.
The last couple of similarly zoned development sites in the CBD sold for between $100,000 and $155,000 per unit site. As the Melanka site has approval for 261 units that would value the site at between $26m and $40.5m for the residential unit component alone, without taking into account the value of the commercial land component.
So, accounting for economies of scale, a more realistic unit price of say $55,000 to $70,000 per unit site equates to a value of between $14.3m and $18.27m for the unit component alone. Maybe so not so fanciful at $11m if you can see the vision.
Alex stated that the old Melanka property was leased by the NT Government to private operators and that there has never been any private sector development of that site.
That is not true. The property was sold by the NT Government to private operators in the mid 1980s. I know that to be true as I conducted the sale.
Those owners sold it to the current owners about 10 years ago. I also know that to be true as I conducted that sale as well.

Recent Comments by Doug Fraser

Town council denies blocking new servos
So apparently you can enter and exit the Beaurepaires and Hungry Jacks sites to buy tyres for your car and a burger, but not to buy fuel. That makes sense.
Once again the third tier of Government uses its power to curtail much needed local development.


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