The State Government today gave the go-ahead for a $220 million redevelopment of the Morley City Shopping Centre.
Deputy Premier Ian Taylor said the joint venture between Colonial Mutual Life and Coles Myer Limited would result in the biggest suburban shopping complex in Western Australia.
"This is a huge project. The $220 million investment involved is a big vote of confidence in the future of Western Australia. It brings with it more than 2,600 jobs," Mr Taylor said.
"The Government, the Water Authority of Western Australia and the City of Bayswater have combined to offer incentives totalling almost $3 million to bring the project to reality.
"These incentives will bring additional revenues of more than $2 million a year."
The Deputy Premier said that in the 20 months to complete the project there would be jobs for 400 building workers, together with a further 640 short-term jobs for shop fitters.
When the new centre was fully operational in October 1994, there would be full-time jobs for 565 people as well as part-time and casual work for a further 495.
"The new development will be a great improvement on the current arrangements in Morley and give a new heart to an important sub-metropolitan centre," Mr Taylor said.
"A State Agreement Bill, confirming the agreement between the State Government and the joint venturers and detailing the concessions will be presented to Parliament this week."
Mr Taylor said the concessions included:
· reimbursement of $1.5 million in stamp duty;
· sale of adjacent Crown Land at a concessional price of $200,000;
· water rate concessions of up to $500,000 a year;
· council rate concessions estimated at $500,000.
"The water rate concessions for the development are part of the State Government's water and sewerage rates concessions which were introduced for metropolitan commercial properties with gross rental values greater than $12 million, and they provide a major incentive for large businesses," Mr Taylor said.