The Gateway Project master plan released last week has established a 10 to 15-year time frame for development of a 40-hectare site to the city’s east.
The project covers the area at the eastern end of the city, bound by Plain Street, Adelaide Terrace, the Swan River foreshore and Claisebrook Village.
The Gateway project will be self-funded by the East Perth Redevelopment Authority and, at its conclusion, will deliver an estimated surplus of $20 million.
The redevelopment of land, new roads and public spaces will cost approximately $80 million and is expected to generate flow-on investment from the private sector of $500 million.
The project is to be financially self-sustaining, with proceeds from land sales funding further development.
Planning and Infrastructure Minister Alannah MacTiernan said Gateway was an important part of the project to populate Perth, strengthening the viability of the CBD and taking advantage of the tremendous waterfront and existing infrastructure.
It is expected that up to 5,000 residents and 1,000 new employees will utilise the area, which will be developed by EPRA in seven different planning precincts.
More than half the 2,755 residences will be based in the Gloucester Park precinct, where a variety of housing styles emphasising community diversity and sustainability will also include a commitment to social and affordable housing.
The draft Gateway plan was launched in July 2002. After a period of community consultation, several key issues emerged, which were taken into account for the master plan.
These included: access to inexpensive parking; building height and form; continued access to the Swan River; and protection of the foreshore.
Several industry players contacted by WA Business News indicated their support of the project and expressed interest in becoming involved with the development.
Mirvac Fini senior development manager Peter Goulios welcomed the master plan, which would help the eastern end of the city evolve into its best use – “residential with an active edge”.
“It will be particularly beneficial to the CBD, and we would like to get involved,” Mr Goulios said.
Pro Property principal, Brett Wilkins said the master plan was very exciting, and in looking at the future of his business, was one of the reasons that an Adelaide Terrace office space was selected.
“It is a long-term project which will have its ups and downs, but I have no doubt at all that it will be brilliantly accepted,” he said.
“We are hoping to be involved in the future. EPRA has proven they do things to a high standard and are getting better all the time.”