27/01/2017 - 14:22

Bidders shortlisted for sale of last lot at Elizabeth Quay

27/01/2017 - 14:22

Bookmark

Save articles for future reference.

The state government says it expects to reap about $300 million from the sale of all nine lots at Elizabeth Quay, with three offers being considered for the last vacant site.

Bidders shortlisted for sale of last lot at Elizabeth Quay
An artist's impression of a mixed-use development on Lot 4 at Elizabeth Quay.

The state government says it expects to reap $300 million from the sale of all nine lots at Elizabeth Quay, with three offers being considered for the last vacant site.

The size of the offers and the proponents behind them were not disclosed, but the state government says they have all come from proven developers with strong international links.

“If any of the three were to proceed, the total projected revenue from sales at Elizabeth Quay would exceed $300 million,” the government said in a statement.

Although no official plans for Lot 4 have been released, it has been touted by the Metropolitan Redevelopment Authority as an opportunity for a mixed-use residential, retail, office and hotel development.

The lot is 4,486 square metres in size and sits on the north-western edge of the precinct, on the corner of William Street and the Esplanade.

Three bidders have put forward offers for Lot 4 at Elizabeth Quay.

It follows news in October that CA & Associates, a joint venture between Adrian Fini’s Fini Group and Malaysian developer Victor Goh’s AAIG, had signed an $85 million deal for Lot 2 and Lot 3 at Elizabeth Quay, on which it plans to build two towers – one will be apartments topped by a public art gallery and a viewing platform, and the other a serviced apartments and hotel development.

Premier Colin Barnett said the MRA was finalising assessment of the offers for Lot 4 and would make a recommendation on a preferred bidder to the incoming government after the March state election.

“Knowing that – whoever is chosen to buy and develop the final lot – the income from Elizabeth Quay is so far beyond early expectations, supports what we have always believed about this project, that it is an iconic asset that would not only change the face of Perth’s waterfront, but also create an enormous economic benefit,” Mr Barnett said.

The original budget for Elizabeth Quay was $440 million for development and a projected $170 million return from land sales.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options