THREE projects are set to see cranes return in numbers to Perth’s skyline after a decade-long hiatus, contributing over $650 million to the WA property industry.
The construction of a world class convention centre promises a $400 million boost to the property market.
The Hai Sun Hup-owned tower at 240 St George’s Terrace will contain 46,000 square metres of office space. The bulk of this will be taken up by Woodside Energy Ltd.
Project development manager Anthony Rice said a consultant team had been appointed. Further milestones would be announced in July.
Construction of the tower is expected to commence this year at a cost of around $245 million.
A soccer-rugby sports stadium capable of seating 30,000 is to be constructed on Wellington Street between the Entertainment Centre and the freeway. This is due for completion in 2002.
These announcements are a shot in the arm for the WA property market.
The projects clearly demonstrate the importance of property investment to WA’s future.
Economic benefits from the projects will initially be felt across the property industry and will flow to the State as a whole.
The central business district is the economic powerhouse of WA, which needs these types of investments to generate returns for rural areas, the suburbs and Australia as a whole.
The government should recognise the benefits that flow to all Western Australians from the strength of Perth’s CBD.
The Property Council of Australia is looking to work more closely with governments to review the inequities in the taxation of property, which has been a big contributor to the absence of private investment in the property industry over the past decade.
The potential gains to be made from a buoyant property industry are of considerable magnitude.
l Joe Lenzo is Executive Director of the WA Division of the Property Council of Australia.
