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Developer angry at WACA plan demise
The West Australian

The developer who was to build apartments at the WACA Ground in East Perth before the ambitious plan collapsed has rejected claims the project was not worth the risk.

In an angry spray, Ascot Capital director David van der Walt claimed the commercial development could have made a lot of money.

Speaking from South Africa, Mr van der Walt said he was never shown independent analysis by PwC which claimed the $500 million project could make as little as $2.4 million profit. He said he did not believe that would have been the case.

The PwC analysis advised the WA Cricket Association the project was not worth the risk.

Mr van der Walt claimed the WACA board scrapped the plans late last year after criticism from a few individuals.

"There were definitely some forces that were vehemently opposed to it," he said.

"There was some other agenda (that did not involve finance).

"This project could have earned a lot of money."

The WACA blamed a lack of pre-sales for the cancellation.

But _The West Australian _revealed that before the WACA announced its decision, it had already received the confidential PwC report.

It had also been warned by the State Government that the "risky" project could see it lose the right to host World Cup Cricket matches in 2015.

Mr van der Walt said he was saddened and disappointed the development would not go ahead.

"They always had an exit clause in the contract, but it's complicated," he said.

"We believe that (contractually) we could have resisted but that's not what we are about.

"We have just capitulated and said, 'if that's what you want, then we accept it'."

But Mr van der Walt warned the WACA must pay Ascot what it is owed for preliminary works.

_The West Australian _understands the bill is worth about $8 million, but the WACA retains intellectual property and approvals.

"We don't want to fight the WACA, as long as they are fair," Mr van der Walt said.