Charles Darwin University
About the Project
NAIF’s loan will enable the Darwin City Deal’s Education and Community Precinct to progress, comprising a new CDU city campus, and a central city library (co-locating parts of existing libraries at CDU and NTG).
The new Education and Community Precinct in the heart of Darwin will not only bring major benefits and opportunities to the university, staff and students, but also will help grow the NT economy and support the community, by helping transform the Darwin CBD through the relocation of students to the city campus, driving increased retail activity and creating opportunities for Darwin’s businesses.
NAIF’s loan is in addition to $97 million already committed by the Commonwealth Government through the Darwin City Deal initiative.
Construction is expected to be completed in time for the start of the 2024 academic year.
- Ongoing engagement with Larrakia to collaborate on showcasing culture, adopting cultural protocols and exploring work programs; a review of the CDU Reconciliation Action Plan and related policies, and provision of providing appropriate cultural training for new employees.
- During construction a supplier use target of 3% for Indigenous businesses will be sought to be achieved. CDU will also develop an Indigenous procurement policy and set achievable targets within this.
- CDU will seek to achieve an Indigenous employment target of 8.8% for the construction phase, promote employment and supply chain opportunities and in the longer term seek to achieve Indigenous employment of 80 FTEs within CDU.
Minister for Resources, Water and Northern Australia, Hon. Keith Pitt MP, and NAIF CEO, Chris Wade on the site of CDU’s city campus
Economic Impact and Public Benefit
Providing modern education facilities for those in the Northern Territory and helping to transform the Darwin CBD by bringing students on campus into the city. Around 730 jobs will be created during the construction phase including on-site and off-site works. A public benefit assessment forecast that this project will produce net benefits to the Darwin economy of $599.5m over a 30-year period through increased urbanisation and economic activity. It is also forecast to support an additional 54 jobs a year in the Darwin economy.
The Vice-Chancellor of Charles Darwin University, Professor Simon Maddocks, welcomed NAIF’s full support in providing the loan for the construction of the Education and Community Precinct, which will house the university’s city campus.
“This loan is essential for the development of the Precinct, which will provide a state-of-the-art facility for staff, students and the community, as well as contribute to the revitalisation of Darwin – Australia’s tropical capital city,” Professor Maddocks said.
“This is certainly great news for Darwin and for the university.”
Related case studies
NAIF finance assisted in the recognition of northern Australia as a leading supplier of premium saltwater farmed barramundi. Small scale agriculture is difficult to finance in the private sector. NAIF finance, over two separate Investment Decisions, allowed fast tracking of this major Humpty Doo investment which would not have been possible in the short term without NAIF.
Investment Decision November 2019