This article is from the Australian Property Journal archive
ENERGY giant Chevron has signed up as the first major owner-occupier at Perth's Elizabeth Quay, paying $64 million for a development site.
Premier Colin Barnett announced the sale of the 6,795 sqm site on the corner of Barrack St and The Esplanade, the first sale from the nine lots available at Elizabeth Quay.
Barnett said the land sales were expected to return a significant portion of the government’s $440 million initial investment in developing Elizabeth Quay.
“Chevron’s decision is a significant milestone for the Elizabeth Quay project, and a sign of confidence in both this waterfront precinct and the future of the state.
“This first sale shows that there is strong demand for the land at Elizabeth Quay, which will be a premium location for business, as well as providing a new way for West Australians and their families to enjoy our waterfront,” he added.
Under design guidelines for the project, Chevron can build a tower up to a maximum of 36 storeys.
Planning minister John Day said Chevron’s decision to invest in Elizabeth Quay would act as a catalyst for future investment and development opportunities.
“The Metropolitan Redevelopment Authority is finalising negotiations for a 5-star hotel and residential development on the eastern peninsula of Elizabeth Quay, adjacent to the soon to be revitalised Barrack St Jetty precinct,” Day said.
Chevron is working on a building design with construction expected to commence in late 2016.
When complete, Elizabeth Quay will incorporate 800 residential apartments, 400 hotel rooms, 200,000 sqm of commercial and office space and 25,000 sqm of retail space.
Property Review
