Premier Colin Barnett has today announced the first sale of a commercial lot at Elizabeth Quay.
The 6,795sqm site on the corner of Barrack Street and The Esplanade has been purchased by Chevron (TAPL) Pty Ltd for $64m, the first sale from the nine lots available at Elizabeth Quay.
Mr Barnett said land sales were expected to return a significant portion of the State Government’s $440m initial investment in developing Elizabeth Quay.
“Chevron’s decision is a significant milestone for the Elizabeth Quay project, and a sign of confidence in both this waterfront precinct and the future of the State,” the Premier said.
“This first sale shows that there is strong demand for the land at Elizabeth Quay, which will be a premium location for business, as well as providing a new way for West Australians and their families to enjoy our waterfront.
“This is an important project in many ways. Overall, it is expected to attract more than $2b in private investment as well as create more than 1,600 direct and indirect jobs during construction.”
Under design guidelines for the project, Chevron can build a tower up to a maximum of 36 storeys and will be required to demonstrate excellence in design and ensure their development engages with The Landing and the promenades.
Planning Minister John Day said Chevron’s decision to invest in Elizabeth Quay would act as a catalyst for future investment and development opportunities.
“The Metropolitan Redevelopment Authority is finalising negotiations for a 5-star hotel and residential development on the eastern peninsula of Elizabeth Quay, adjacent to the soon to be revitalised Barrack Street Jetty precinct,” Mr Day said.
“Together with the Chevron land sale, commencement of inlet construction works and the recent release of a mixed-use development opportunity on the northern edge of the inlet, the vision of Elizabeth Quay is fast becoming a reality for the people of Perth.”
Elizabeth Quay is on time and budget, with the construction of the inlet now under way, and due for completion in spring 2015.
Barrack Street Jetty will be the first precinct in the project to be completed. A revitalisation package worth more than $20m will commence later this month and include a new event space.
The current road works are on track for completion in the coming weeks, with the permanent diversion of Riverside Drive coming into effect after the Australia Day weekend in January 2014.
Mr Barnett said it was pleasing to see Elizabeth Quay taking shape after so many years of discussion on how to revitalise the riverfront.
“It will be a vibrant precinct that will attract an expected four million visits each year. It will be a place where people can spend time having a quiet coffee, enjoying a meal, shopping, riding a bike, catching a ferry, attending a concert or just passing time on the riverfront,” he said.
- Chevron is working on a building design with construction expected to commence in late 2016
- Elizabeth Quay covers 10ha
- The inlet, now under construction, will be 2.7ha surrounded by 1.5ha of promenades
- When complete, Elizabeth Quay will incorporate 800 residential apartments, 400 hotel rooms, 200,000sqm of commercial and office space and 25,000sqm of retail space
Find out more about Elizabeth Quay.