02/03/2004 - 21:00

EPRA entertains Multiplex talks

02/03/2004 - 21:00

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LISTED property developer Multiplex has entered into discussions with the East Perth Redevelopment Authority over its ambitious $50 million plus redevelopment proposal for the defunct Perth Entertainment Centre.

LISTED property developer Multiplex has entered into discussions with the East Perth Redevelopment Authority over its ambitious $50 million plus redevelopment proposal for the defunct Perth Entertainment Centre.

Multiplex’s Charlie Robertson presented the details of the development proposal to the Northbridge Link Committee last week.

The State Government recently appointed EPRA to undertake a business case assessment on the sinking of the railway line through Northbridge to connect the area with the central business district.

Dubbed the Perth City Arena, the Multiplex proposal involves the development of 12.5 hectares on Wellington Street between Mitchell Freeway and the Horseshoe Bridge.

In addition to developing a new stadium – featuring a single sheet retractable roof and with a seat capacity range of 9,605 as a tennis stadium and 11,489 as an event stadium – Multiplex has proposed that the entire rail area and bus station be covered by raised decking. 

A large underground parking area adjacent to the rail lines is proposed, as well as a residential development towards the Mitchell Freeway end of the site.

Multiplex has secured an option with Entertainment Centre owners, Kerry Stokes’ Seven Network, from last September for $25 million, however much of the land involved is State owned.

Since Channel Seven closed the Entertainment Centre’s doors in August 2002, numerous attempts have been made to redevelop the site.

The network unsuccessfully tried to sell the site to the State Government in 2002 and, over the years, attempted to obtain City of Perth council approval to demolish the building and rezone the site to allow for a $160 million mixed residential/commercial development. 

All applications were rejected or deferred, with the City of Perth citing concern about the development’s impact on the long-term redevelopment of the central railway land area.

The council also requested that the WA Planning Commission not approve any rezoning application by Channel Seven to develop the 22,000 square metre Wellington Street site.

If Multiplex’s plan for the site is to be realised it is vital that it meet the approval of EPRA, the State Government and the City of Perth.

Multiplex has already indicated it is prepared to scale back its proposal if the surrounding land is not made available for development.

EPRA has been invited to review the opportunities for the undergrounding of the railway line and identify where revenue rates, development form and a more effective mixture of land uses could be revised to provide a better economic outcome for the project.

Under the proposed State Government arrangement, EPRA would manage redevelopment outcomes on the rail land while City of Perth would fund any deficit in the project.

Multiplex is championing its vision to link the city to the river from its Perth City Arena, to its City Square development on the Westralia site to the foreshore and Perth Convention Centre.

The development group recently publicly unveiled its plans in the city at a Property Council of WA conference.  Under these plans it will roll out three buildings on the long-delayed Westralia site. The proposed commercial buildings range in size from 20,240sq m, to 14,323sq m and 41,962sq m. The development vision for the site also includes a retail centre and shopping centre, plus a 17005sq m car bay parking lot.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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