$500m WACA redevelopment canned

The Western Australian Cricket Association and Ascot Capital have confirmed they will no longer go ahead with a $500 million redevelopment of the WACA Ground after the developers failed to hit pre-sales targets for apartments.

The trouble-plagued project had been planned to include 540 apartments and 30,000 square metres of commercial space.

The first stage of the redevelopment, known as the Gardens, was to include 76 apartments along with commercial and retail space.

The Gardens was originally planned to include 137 apartments but this target was halved earlier this year in order to keep the project on track after it suffered several setbacks.

The developer's decision to continue with the project was contingent upon achieving pre-sales targets as this was directly linked to the availability of bank finance.

"Despite strong sales up to November and a renewed marketing effort, we have been unable to achieve the pre-sales target required to achieve finance on acceptable terms in time to meet our commitments for the 2015 Cricket World Cup,” WACA chairman Sam Gannon said.

"We have given this development every opportunity but the final decision not to proceed is in the best long-term interest of members and stakeholders.”

Speculation that the ageing WACA ground would no longer be suitable for hosting international cricket matches into the future was effectively confirmed in September when Perth was excluded from hosting a test match in the fixtures for India's tour of Australia in 2014-15. 

Media reports today claimed Cricket Australia and the International Cricket Council were united in their belief the venue no longer meets international standards.

The new Burswood stadium has been earmarked to host future test, one-day and 20-20 cricket matches, meaning today's final day of play in the third Ashes test could be the last time the ground hosts a Test match.

Costs met by Ascot to date, including those associated with planning approvals and consultants, will be reimbursed by the WACA and purchasers who have entered into pre-sales contracts for apartments will have their deposits refunded.

The costs owed by the WACA, which is run by Christina Matthews, to Ascot are reported to be in the vicinity of $3 million.