Hon Colin Barnett MEc MLA

Hon Colin Barnett MEc MLA

Former Premier; Minister for Tourism; Science

Hon Donna Faragher MEd (Hons) BA (Hons) GradDipEd JP MLC

Hon Donna Faragher MEd (Hons) BA (Hons) GradDipEd JP MLC

Former Minister for Planning; Disability Services

    Elizabeth Quay land sales set to exceed estimates

    27/01/2017 6:00 AM
    • Sale of final lot will push total revenue above $300 million
    • Return on investment and soaring visitor numbers confirm precinct's strength 

    Expressions of interest for the last lot at Elizabeth Quay have now closed with three substantial offers being considered by the Metropolitan Redevelopment Authority.


    The three offers have all come from proven developers with strong international links and if any of the three were to proceed, the total projected revenue from sales at Elizabeth Quay would exceed $300 million.


    This is well over the projected $170 million in revenue originally expected from the $440 million Government investment and sits alongside a new report by Deloitte Access Economics, which forecasts direct economic impacts for WA in excess of $2.9 billion.


    "The MRA is now finalising assessment of the three offers and will make a recommendation on a preferred bidder to the incoming Government," Premier Colin Barnett said.


    "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."


    Planning Minister Donna Faragher said strong economic forecasting and land sales supported the public message that Elizabeth Quay was hugely popular and successful.


    New data shows more than 6.6 million people have visited the quay in its first year since opening and several successful businesses have emerged.  All businesses have reported well above expected trade and the Deloitte report forecasts Elizabeth Quay would generate an average 543 jobs across the State each year until at least 2026.


    "West Australians, interstate and international visitors have embraced Elizabeth Quay which has something to offer people of all ages," Mrs Faragher said.


    "This is a project that is not only a great return on investment but one that will continue to grow and offer a fantastic precinct as an ongoing and valuable asset for Western Australia."


    Fact File

    • The MRA has closed expressions of interest on Lot 4 and is considering offers from three proponents
    • State Government budget for Elizabeth Quay was originally $440 million with a projected $170 million return from land sales
    • Latest data shows that more than 6.6 million people have visited Elizabeth Quay since it opened on January 29 last year 

    Premier's office - 6552 5000

    Planning Minister's office - 6552 5300


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