Perth's $1.8B World Trade Centre Moves Ahead

Posted: 14/11/17 11:36

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One of Perth's tallest buildings will feature in the $1.8 billion World Trade Centre project in Perth's Elizabeth Quay.

With plans that include a five-star hotel as well as apartments, restaurants, offices and bars, the proposed development is part of the $1.85 billion World Trade Centre (WTC). Renowned New York architecture firm, Rex has been appointed.

Rex Architect Joshua Prince-Ramus said he was seeing reclamation of waterfront across the world. "It's incredibly exciting, it's also a bit daunting because this is obviously a huge commitment on the part of the city to do this".

Brookfield's Carl Schibrowski said there was an absence of good hotels in the city. "A lot of the hotel stock in the city is quite aged," Mr Schibrowski said.

Mr Schibrowski highlighted that Perth's sluggish residential property market and high office vacancy rates in the CBD would not be a problem for the development due to the exceptional quality Perth could expect from the development.

"While there's still pretty significant vacancy across the city, I think what we've seen is an incredible flight to quality, there's no need to be in a B- or a C-grade building any longer," he said.

The office space will be availble by 2023 with apartments coming onto the market in 2018.

Previous WTC News:

Perth's central business district is the proposed site of a $1.85 billion World Trade Centre after a private sector redevelopment proposal progressed to the Stage Two detailed assessment phase under the Liberal National Government's unsolicited bids policy.

Premier Colin Barnett said the project was the first to successfully complete the Stage One preliminary assessment and would involve developing a unique commercial, residential and entertainment precinct on 1.9 hectares of land between the Perth and McIver train stations.

"World Trade Centre Perth is proposing a development that will involve an iconic architectural design to showcase Western Australian capabilities and commercial opportunities, connecting Perth to 327 World Trade Centre locations around the globe," Mr Barnett said.

"That a developer is willing to make this investment demonstrates strong confidence in the future of Perth and has the ability to stimulate diverse trade and investment opportunities for the State."

See more previous WTC Perth news here.

The $1.85 billion World Trade Centre Perth proposal includes the construction of two towers, 36 and 75 levels respectively, with associated commercial/retail, residential and recreational facilities which will include building above the existing train line.

The proposal will now undergo a detailed assessment and require the proponent to address a number of specific requirements including demonstration of financial and technical capacity to deliver, subject to the proponent entering into a participation agreement with the State Government.

Lands Minister Terry Redman said the State Government had adopted the 'Unsolicited Bids Guideline for the Sale or Lease of State-Owned Land' in January last year after extensive consultation.

"The guideline was developed to provide a transparent and consistent framework to deal with unsolicited bids received through the Government's Land Asset Sales Program based on the approach adopted in other jurisdictions in Australia," Mr Redman said.

"This is exactly the kind of unique project, with commercial and community benefits, that the Unsolicited Bids Guideline was designed to facilitate assessment of."

The $1.85 billion proposal for a World Trade Centre in Perth is back on the agenda. The Perth World Trade Centre is set to link the West Australian and Perth business community together with another 330 cities all over the world.

Plans for the World Trade Center in Perth emerged in 2016, after it was revealed Ghazi Abu Nahl, a chairman of the World Trade Centers Association, met in 2014 with the Metropolitan Redevelopment Authority (MRA) to express an interest in the East Perth Power Station site. This private sector redevelopment proposal is the first to be initiated under the Liberal National Government's unsolicited bids policy, which was adopted in January 2016.

Jordanian businessman and board member of the World Trade Centres Association Ghazi Abu Nahl owns the licence for the World Trade Centre. This private sector proposal for a twin-tower World Trade Centre received stage one approval from the Western Australian Government in 2016.

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