Leased property stimulus scheme a success
The scheme encouraged commercial property owners to upgrade their buildings, pumping an estimated $150 million into the Territory economy.
The Territory Government’s leased property stimulus scheme encouraged commercial property owners to upgrade or improve their buildings in exchange for an extension of their lease.
In the past 3 years the scheme has pumped an estimated $150 million into the Territory economy.
Required to use only local contractors and suppliers, the scheme created local jobs and supported small to medium businesses with projects in:
- Alice Springs
- Tennant Creek
The private sector funded the scheme, with no government capital expenditure.
Through 32 approved projects, $76 million was generated by direct private sector spending, and another estimated $80 million by indirect economic activity.
Works to improve building amenities and performance include:
- installing new lifts
- upgrading bathrooms and kitchens
- adding disabled toilets
- revitalising public areas such as:
- adding cafes
- landscaping and
- shade structures in the building and surrounds
- being more energy efficient through the:
- addition of solar power
- installation of more energy efficient equipment.
The scheme closed on 30 June 2022.