Brierty wins $38m NT contract

Civil contractor Brierty Ltd has secured a Northern Territory housing works contract with developer Urban Pacific valued at around $38 million over five years.

Urban Pacific was selected by the NT government to develop the new suburb of Bellamack in Darwin which will contain at least 700 new homes with construction to start in 2009.

Work will continue in staged lots over the next four to five years.

Brierty said it expects to finalise the development agreement with Urban and the NT government over the next few weeks.

The value of work by Brierty is estimated at about $38 million over the contract period, with contribution towards FY09 earnings not expected to be significant as the bulk of the work will take place from FY10 onwards.

Brierty said it may also receive further payments arising from a profit share of the joint venture with Urban Pacific.