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Larrakia Development Corporation Pty Ltd (Larrakia) acquires shares in the Adina Vibe Hotel from Indigenous Business Australia (IBA) demonstrating its continued investment into the Northern Territory tourism industry.
Last week Larrakia completed its purchase from IBA of shares in the hotel and apartment enterprise located in the Darwin Waterfront Precinct. The purchase reduces IBA’s effective ownership to 40% while making Larrakia a 5% owner.
Larrakia’s investment goes beyond fiscal; it allows for a growing Larrakia presence at the Darwin Waterfront, that will create culturally informed spaces and further opportunities for employment and training of the Larrakia people.
Nigel Browne, CEO, Larrakia Development Corporation, noted that now is the right time for the corporation to reinvest in the assets.
“The Larrakia Development Corporation has spent the last twenty-two years investing in economic prosperity for ALL Larrakia. The repurchase of shares of the Adina Vibe allows us to do just that and be able to provide genuine engagement into one of the NT’s economic growth industries,” said Nigel.
"With the Larrakia Cultural Centre slated to open in 2026 and the purchase of these shares, Larrakia Development Corporation is placing our faith in the growing economic and employment opportunities in the NT’s Aboriginal Tourism sector.”
“The Adina is suitably located at the Darwin Waterfront to seize on the growing popularity of the precinct and does not interfere with the nearby registered Larrakia Sacred Site.”
IBA supports and enhances the economic development opportunities of Aboriginal and Torres Strait Islander people across Australia. Divestment opportunities that benefit Indigenous communities are part of the strategy to create wealth and positive impacts for the future.
“The investment by Larrakia Development Corporation means that the Traditional Owners benefit from the future growth of the property. It also further encourages First Nations employment and cultural recognition which lead to a more inclusive community – all key priorities for IBA,” said Shanti Rama, Acting CEO, IBA.
Media contacts:
Tara Toohill 02 9207 6362 / tara.toohill@iba.gov.au
Kate Finch 0413 633 750 / special.projects@larrakia.com.au
About IBA
IBA is a commercially focused organisation. Economic independence for Aboriginal and Torres Strait Islander peoples is at the heart of what we do. Our programs assist Indigenous Australians to buy their own homes, be successful in business, and invest in commercial ventures that provide strong financial returns. IBA is established under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a corporate Commonwealth entity for the purposes of the Public Governance, Performance and Accountability Act 2013 (PGPA Act). IBA resides in the portfolio of the Prime Minister and Cabinet and is accountable to the Australian Parliament through the Minister for Indigenous Australians, Senator the Hon Malarndirri McCarthy. www.iba.gov.au
About Larrakia Development Corporation
Officially incorporated under ASIC in February 2002, the Larrakia Development Corporation is a company owned and operated by the Larrakia people, the traditional owners of the lands and waters in and surrounding Darwin. The company is continually seeking opportunities to establish positive commercial relationships with organisations that are operating on Larrakia Country and beyond. Larrakia Development Corporation aims to work with likeminded operators to build economic wealth and better health for our local community. www.larrakia.com.au
