IT has been 30 years of talk but Western Australian Premier Colin Barnett says the redevelopment of the Perth waterfront is finally going ahead with construction to start early next year.
On Tuesday, the premier announced that cabinet had approved $270 million in funding for the project in next year’s budget with completion of construction expected in mid-2014.
Mr Barnett said that despite decades of talk from successive Liberal and Labor governments over the project, which will transform the Perth’s Swan River foreshore, he could now guarantee it would become a reality.
“I can reassure the people of Perth, there has been a lot of talk, a lot of design and discussions about the Perth waterfront over at least the last 30 years, the project now is formally under way,” he told reporters.
The design for the project had been chosen and will include a 2.7-hectare inlet, a boardwalk and promenade, which will link to a man-made island.
It will also include residential, retail and commercial office space as well as a national Indigenous Cultural Centre, which will be built once the waterfront project is completed.
Preparation of the site is scheduled to begin immediately after the Commonwealth Heads of Government Meeting in October.
Perth Lord Mayor Lisa Scaffidi said that, given the fact this project and the proposal to sink the city’s railway line were going ahead, it was evident the city was truly changing.
“Along with the Perth city link, this is the most significant thing happening in our capital city, certainly within the last 100 years,” Ms Scaffidi said.
“We’re going to look back on this time and realise the exponential growth for our capital city right now is significant. More importantly it’s enabled us to rebrand ourselves as a city increasingly on a global stage.”
Mr Barnett said the cost of construction would be about $440 million, however after land sales the net cost for taxpayers would be about $270 million.
He said he was optimistic the area around the project would be the best land in Perth and, depending on the property market, believed the government would come out well from the sale.
“I’m confident and the people involved in the planning, engineering side are confident that we have got a handle on this, so that’s the best projection of the cost of it,” Mr Barnett said.
“I think the upside might well be there on property sales as the project comes to fruition, given the growth in the city and the demand for more residential and commercial space.”
Ms Scaffidi said it was possible there would be blowouts in the project's cost, however it should be viewed as an investment.
Labor leader Eric Ripper remained sceptical, saying this week’s announcement was the premier’s sixth on the waterfront project, but there had been little action.
Labor planning spokesman John Hyde said the waterfront development failed to provide any funding for its most costly component, the Indigenous Cultural Centre, which could cost up to $500 million.
Planning Minister John Day said the timing and budget for the indigenous centre would be set as the major construction of the waterfront neared completion.