06/09/2012 - 14:34

First land release at Elizabeth Quay

06/09/2012 - 14:34

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First land release at Elizabeth Quay
A computer-generated impression of the Elizabeth Quay development.

The state government is seeking developers to deliver a 400-room riverfront hotel and residential tower on the first land made available at Elizabeth Quay (see video fly-through).

Planning Minister John Day announced the release of two sites earmarked for a premium hotel and residential development adjacent to Barrack Square today.

The sites will front Barrack Street and offer views across the yet-to-be constructed inlet, comprising a combined area of 6,927sqm Mr Day said.

The ground floors will be zoned for retail and dining whilst the other floors, which are limited to a minimum of 12 and maximum of 20 storeys, have the option of being zoned for residential or short-stay accommodation.

“The first sales release comes as final design guidelines for the project are unveiled,” Mr Day said in a statement.

“When complete, Elizabeth Quay will deliver 800 residential dwellings, 200,000sqm of commercial space and 25,000sqm of retail space enclosing a stunning 2.7ha inlet.”

Government investment will amount to $440 million and will pay for the construction of the inlet, public spaces and site development to prepare them for sale to the private sector.

Private sector investment will be circa $2.2 billion.

The Metropolitan Redevelopment Authority said the lots would be sold freehold, separately or as a package.

Jones Lang Lasalle has been appointed as the selling agent and its Hotel division senior vice president of investment sales, Aaron Desange, said the “site at Elizabeth Quay is the only five star site available in the Perth CBD at present”.

Expressions of interest for the two sites close October 25 and the preferred applicants will be chosen between April and June next year.

 Mr Day said “there has been a registration of interest process up until now and there has been very strong interest shown from both within Australia and internationally”.

When asked when construction would start Mr Day said, “I would expect towards the end of next year construction would be able to commence in parallel with the construction of Elizabeth Quay itself.”

Mr Day said he anticipated Riverside Drive to be closed in the middle of next year to allow for the inlet's construction.

 

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