❓ Mr. Taylor asks about the new heritage revolving fund and how it will protect and activate state heritage assets. The Minister explains the fund's mechanics, focusing on seed capital and private sector partnerships, using Fremantle's wardens' cottages as an example.
AnsweredQoN 303Legislative Assembly
QuestionView source ↗
HERITAGE
REVOLVING FUND
303. Mr M.H. TAYLOR to the Minister for
Environment:
I note the minister's
announcement with the Premier on Monday that the Western Australian Liberal–National
government is introducing the nation's first heritage revolving fund.
Could the minister please advise the house how this program will help protect
and activate state heritage assets?
REVOLVING FUND
303. Mr M.H. TAYLOR to the Minister for
Environment:
I note the minister's
announcement with the Premier on Monday that the Western Australian Liberal–National
government is introducing the nation's first heritage revolving fund.
Could the minister please advise the house how this program will help protect
and activate state heritage assets?
AnswerView source ↗
I would like to thank the member for
Bateman for the question. Revolving funds have been used extensively overseas
for many years; however, as the member intimated in his question, this is a
first for Australia. The Liberal–National government is delivering the
establishment of this country's first heritage revolving fund.
Essentially, a revolving fund works by identifying government-owned, or in some
cases local government–owned, state heritage listed buildings. With
around 1 300 state heritage listed places, of which 400 or so are
state-government owned, we will identify within that mix the buildings that sit
relativity disused or underutilised in prime locations that can be fixed by
putting in a small amount of seed capital to bring them to a certain standard,
so we can then go to the market and partner with a private sector bidder who
may purchase or lease the building and then completely fit out the building.
Any profits made from the initial investment will be ploughed back into the
fund to be invested into the next property. It is a perpetual fund that
continues to grow from project to project, addressing more and more of our
underutilised heritage buildings. Around a third of the buildings on the heritage
register are owned by the state government, many of which are in high-profile
locations and have been underutilised for many years. A prime example of that,
and which will be our first project under this newly established fund, is the
wardens' cottages in Fremantle. These cottages were built in the 1850s,
principally for the wardens of the Fremantle Prison, and used until 1991 when
they became public housing until 2011. The cottages have languished since then.
Ms
S.F. McGurk interjected.
The
SPEAKER : Member for Fremantle, I call you to order for the first time.
Mr
A.P. JACOB : Two million dollars of this fund will be invested directly into
fixing up those wardens' cottages to a state in which we can either
sell or lease them to a private proponent who will go on to complete the
restoration works and bring them into adaptive re-use. Potentially, they have a
whole range of uses such as accommodation, hospitality and private professional
suites. Whatever the outcome, I think it will be an absolutely fantastic
heritage outcome that also helps to activate the Fremantle central business
district.
Ms
S.F. McGurk interjected.
Mr
A.P. JACOB : I am hearing interjections from the member for Fremantle, who
was there on the day. I think she has very quickly fallen into the very easy
opposition trap of opposing for the sake of opposing. She is very quick to come
out and criticise this project. I think her first critique was to say that the
project should been handed over to the City of Fremantle. Maybe she should have
squared that away with the City of Fremantle, because it was the first to come
out and welcome the establishment of this fund. The City of Fremantle
recognises that it is exactly the sort of creative solution that it has been
seeking for such projects. Well done to the City Fremantle for being open to
such creative solutions to address the build-up of heritage projects that it
has.
Ms
S.F. McGurk : Two million dollars for a $7.5 million project.
Mr
A.P. JACOB : I just caught that interjection. The member for Fremantle has
not only misread her own community, but also completely misunderstood how the
fund works. The fund does not seek to do the full restoration of these
projects; across 1 300 properties that would be a bottomless pit. This fund
seeks to provide initial seed capital that de-risks these buildings and gets
them to a certain level of code compliance, so that we can find private sector
proponents to partner with us who will, either through the lease or the
purchase of these buildings, carry out the full restoration.
Several members interjected.
The
SPEAKER : Member for Fremantle, I call you to order for the second time.
Mr
A.P. JACOB : I think it is very important that the member for Fremantle
understand how this project works. After we have fixed those buildings to a
minimum standard, they will be either leased or onsold for a profit that can
then be invested into the next heritage property. The future tenant or owner of
that property will complete the adaptive re-use of that place. That is how
heritage is happening in the twenty-first century. The Perth CBD already has
iconic projects such as Brookfield Place that show exactly how this works. The
old Treasury building will be opening very soon. That project is a prime
example of what we seek to do by offering seed funding and will be an
outstanding heritage outcome. It is a state government–owned asset that
is on a 99-year lease and has had tens of millions of dollars of private sector
investment to bring back to life that historical gem, which is very important
historical built fabric. There is a lot of potential across the state Register
of Heritage Places for such projects.
Ms
M.M. Quirk interjected.
The
SPEAKER : Member for Girrawheen, I call you for the first time. I thought
you were going to have a second time. Minister, can you wind it up, please.
Mr
A.P. JACOB : Certainly, Mr Speaker. I look forward to updating the house as
this fund continues to grow from project to project. It is a truly visionary
approach, as the City of Fremantle has recognised. It is a creative approach to
heritage and one that will see a sustainable solution for our state-owned
heritage-listed places in the future.
Bateman for the question. Revolving funds have been used extensively overseas
for many years; however, as the member intimated in his question, this is a
first for Australia. The Liberal–National government is delivering the
establishment of this country's first heritage revolving fund.
Essentially, a revolving fund works by identifying government-owned, or in some
cases local government–owned, state heritage listed buildings. With
around 1 300 state heritage listed places, of which 400 or so are
state-government owned, we will identify within that mix the buildings that sit
relativity disused or underutilised in prime locations that can be fixed by
putting in a small amount of seed capital to bring them to a certain standard,
so we can then go to the market and partner with a private sector bidder who
may purchase or lease the building and then completely fit out the building.
Any profits made from the initial investment will be ploughed back into the
fund to be invested into the next property. It is a perpetual fund that
continues to grow from project to project, addressing more and more of our
underutilised heritage buildings. Around a third of the buildings on the heritage
register are owned by the state government, many of which are in high-profile
locations and have been underutilised for many years. A prime example of that,
and which will be our first project under this newly established fund, is the
wardens' cottages in Fremantle. These cottages were built in the 1850s,
principally for the wardens of the Fremantle Prison, and used until 1991 when
they became public housing until 2011. The cottages have languished since then.
Ms
S.F. McGurk interjected.
The
SPEAKER : Member for Fremantle, I call you to order for the first time.
Mr
A.P. JACOB : Two million dollars of this fund will be invested directly into
fixing up those wardens' cottages to a state in which we can either
sell or lease them to a private proponent who will go on to complete the
restoration works and bring them into adaptive re-use. Potentially, they have a
whole range of uses such as accommodation, hospitality and private professional
suites. Whatever the outcome, I think it will be an absolutely fantastic
heritage outcome that also helps to activate the Fremantle central business
district.
Ms
S.F. McGurk interjected.
Mr
A.P. JACOB : I am hearing interjections from the member for Fremantle, who
was there on the day. I think she has very quickly fallen into the very easy
opposition trap of opposing for the sake of opposing. She is very quick to come
out and criticise this project. I think her first critique was to say that the
project should been handed over to the City of Fremantle. Maybe she should have
squared that away with the City of Fremantle, because it was the first to come
out and welcome the establishment of this fund. The City of Fremantle
recognises that it is exactly the sort of creative solution that it has been
seeking for such projects. Well done to the City Fremantle for being open to
such creative solutions to address the build-up of heritage projects that it
has.
Ms
S.F. McGurk : Two million dollars for a $7.5 million project.
Mr
A.P. JACOB : I just caught that interjection. The member for Fremantle has
not only misread her own community, but also completely misunderstood how the
fund works. The fund does not seek to do the full restoration of these
projects; across 1 300 properties that would be a bottomless pit. This fund
seeks to provide initial seed capital that de-risks these buildings and gets
them to a certain level of code compliance, so that we can find private sector
proponents to partner with us who will, either through the lease or the
purchase of these buildings, carry out the full restoration.
Several members interjected.
The
SPEAKER : Member for Fremantle, I call you to order for the second time.
Mr
A.P. JACOB : I think it is very important that the member for Fremantle
understand how this project works. After we have fixed those buildings to a
minimum standard, they will be either leased or onsold for a profit that can
then be invested into the next heritage property. The future tenant or owner of
that property will complete the adaptive re-use of that place. That is how
heritage is happening in the twenty-first century. The Perth CBD already has
iconic projects such as Brookfield Place that show exactly how this works. The
old Treasury building will be opening very soon. That project is a prime
example of what we seek to do by offering seed funding and will be an
outstanding heritage outcome. It is a state government–owned asset that
is on a 99-year lease and has had tens of millions of dollars of private sector
investment to bring back to life that historical gem, which is very important
historical built fabric. There is a lot of potential across the state Register
of Heritage Places for such projects.
Ms
M.M. Quirk interjected.
The
SPEAKER : Member for Girrawheen, I call you for the first time. I thought
you were going to have a second time. Minister, can you wind it up, please.
Mr
A.P. JACOB : Certainly, Mr Speaker. I look forward to updating the house as
this fund continues to grow from project to project. It is a truly visionary
approach, as the City of Fremantle has recognised. It is a creative approach to
heritage and one that will see a sustainable solution for our state-owned
heritage-listed places in the future.
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