State 'unlikely' to buy Finbar apartments
Minister for Lands Terry Redman has told State Parliament he does not foresee the Government purchasing apartments in Finbar Group's proposed $390 million Hedland waterfront development.
Mr Redman's comments came in response to the Opposition citing Pilbara MLA Brendon Grylls' statements in last week's Telegraph in which he said he didn't believe the project "would get out of the ground without Government investment".
But Minister Redman ruled out the idea of Government investment in Hedland similar to the way it purchased apartments in Finbar's Pelago towers in Karratha.
"I am not aware of any intention of government to purchase any units within (Finbar's Hedland) development," he said. "That is something that Finbar has simply taken on its own financial merits and made decisions on."
Minister Redman's comments follow earlier speculation that the Government would invest in the development after Finbar announced it would only buy the land if it pre-sold enough apartments to "de-risk" the project.
Documents going before Hedland councillors tonight showed the project is also important to local government, which viewed rates income from it as a way to offset operating costs at the nearby Spoilbank marina development.
Minister Grylls earlier said the Finbar complex should be supported because it was a "game-changer" for Hedland in the mould of Dome cafe with its ocean views overlooking Port Hedland's iron ore shipping.
"Dome, which is first class, is a snapshot of what that whole waterfront precinct could be like," he said.
"Essentially from Marapikurrinya Park to Dome, leading along to the boardwalk down to the yacht club and Spoilbank would be Port Hedland's version of the Perth waterfront."
"The real question for the community and opponents of Finbar ... (is) do they (instead) want the (project) site to look like an old dilapidated hospital for the next 20 years?"
Opposition leader Mark McGowan remained opposed to any Government move to purchase apartments in the proposed Finbar complex.
"Government underwriting speculative housing development in which the tax payers (can) lose money and the private investors make money is bad policy," he said.
