The WACA has abandoned its redevelopment plans for WA's home of cricket.
The agreement between the WACA and Ascot Capital Limited was planned to deliver commercial and residential accommodation while at the same time ensuring a long term revenue stream, new northern grandstands and an increase in ground capacity.
“Despite strong sales up to November and a renewed marketing effort, we have been unable to achieve the pre-sales target required to achieve finance on acceptable terms in time to meet our commitments for the 2015 Cricket World Cup,” said WACA chairman Sam Gannon.
“I would like to thank the Board and advisors for their considered advice. We have given this development every opportunity but the final decision not to proceed is in the best long-term interest of members and stakeholders.”
The WACA has terminated the development agreement with Ascot.
Costs, incurred to date, associated with conceptual plans, obtaining planning approval over the various foot prints of land within the WACA and professional consultants associated with the Stage 1 Development, were met by Ascot and will be reimbursed.
Purchasers who have entered into pre-sales contracts for apartments will be contacted directly and their deposits refunded.
The WACA board said it remains totally committed to the ground as the home of cricket in WA and will continue to work to grow cricket in WA and develop facilities that meet the needs of WA fans, teams, grass-roots participants and staff.