03/12/2013 - 09:40

Brierty wins $100m NT works

03/12/2013 - 09:40

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Contractor Brierty has secured a new residential land development contract in the Northern Territory worth up to $100 million.

Contractor Brierty has secured a new residential land development contract in the Northern Territory worth up to $100 million.

Its wholly-owned subsidiary, Bellamack, will develop Stage 2 of the Zuccoli residential development, an affordable housing project developed by the NT government's Land Development Corporation.

The Zuccoli development will consist of 440 to 460 mixed-density residential lots over four years to 2017, and is expected to generate revenue of $90 million to $100 million.

Zuccoli is located about 2.5 kilometres from the NT government's Bellamack development, where Brierty has worked since 2008.

"The development has been planned to deliver affordable residential lots and has fewer headworks than required at Bellamack, which will provide for a quicker transition from forward construction work into settlements with the first settlements targeted for late in the 2014 calendar year," Brierty managing director Peter McBain said.

"The combination of an affordable housing model at Zuccoli and the current level of natural resource development activity in the Northern Territory gives us the confidence that Zuccoli Stage 2 will meet our required rates of return."

Brierty booked a record net profit of $10.2 million in the 2013 financial year on the back of a 16 per cent increase in revenue.

Its shares were trading 1.3 per cent lower at 36 cents at 9:37am WST.

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