Update, 2pm: The first land to be sold off as part of the Elizabeth Quay development will be for hotel developments in a bid to address the city’s chronic shortage of short-stay accommodation, the Government announced today.
Planning Minister John Day said the Government wanted the development at two sites adjacent to Barrack Square around the Belltower to yield “at least” 400 hotel rooms.
Mr Day today released new computer generated imagery of the development.
He said strong interest had been registered informally from Australian and overseas developers and it was now time for them to register formal interest.
The formal expression of interest period would close at the end of October before the assessment and short-listing of applications, Mr Day said.
“These two sites will establish the eastern peninsula of the quay and offer a land area of more than 6800sqm for a mix of retail, residential and short stay accommodation,” he said.
Hotel rooms were a key focus.
“It’s well known of course that Perth has a shortage of hotel accommodation,” he said.
“The room occupancy rates and indeed average costs are the highest in Australia now.”
Mr Day said he expected the two sites to be developed towards the end of next year in tandem with the construction on the Elizabeth Quay inlet.
Selling agent John Williams, of Jones Lang LaSalle, said Elizabeth Quay was the opportunity many developers had been waiting for.
“These sites are a once in a generation opportunity to secure and iconic location and deliver buildings which will define the city skyline,” he said.
The company’s hotels investment sales spokesman Aaron Desange said the Elizabeth Quay was the only five star site available in the Perth CBD at the moment.
“With the room shortage situation currently experienced in Perth, particularly for higher quality accommodation options, it provides an exceptional opportunity for international and domestic developers to acquire a highly sought-after site in one of the most desired investment destinations in the Asia Pacific,” he said.