MRA has terminated the sales process for a master developer for eight lots at Perth City Link, the 13.5ha CBD project spanning from the Horseshoe Bridge to Perth Arena.
MRA Chairman Richard Muirhead said the Board resolved to terminate the current process at its meeting this month and has advised Mirvac of their decision to cease negotiations.
Mr Muirhead said the MRA and Mirvac had worked in good faith over the past three years to accommodate significant changes in the original joint venture partnership, whilst also responding to changing market conditions.
"Despite the best efforts of both parties, we were unable to reach a satisfactory agreement that is consistent with our initial expression of interest and delivered value for the Western Australian taxpayers,” Mr Muirhead said.
Mr Muirhead thanked Mirvac for their collaboration and commitment during the negotiations.
In the coming weeks, the MRA will call for expressions of interest for temporary activation opportunities on the vacant land surrounding the new Perth Busport.
MRA Chief Executive Officer Kieran Kinsella said an alternate sales strategy would also be developed for endorsement by the Board and anticipated the initial land release to go to market before the end of 2016.
“We are committed to ensuring that the Perth City Link project returns the highest of benefits to the community and will consider interim activation opportunities for the thousands of bus passengers, city workers and visitors to enjoy,” Mr Kinsella said.
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