❓ Mr. L'Estrange asks the Minister for Planning about the Ritz-Carlton hotel development at Elizabeth Quay. The Minister provides an update on the project, highlighting its economic benefits and the rigorous assessment process for land sales.
AnsweredQoN 203Legislative Assembly
QuestionView source ↗
ELIZABETH QUAY — RITZ–CARLTON HOTEL
203. Mr S.K. L'ESTRANGE to the
Minister for Planning:
On behalf of the member for Bateman,
I welcome and acknowledge the students from Rossmoyne Senior High School, who
are in the gallery this afternoon.
I was interested to hear the
announcement of a significant hotel development at Elizabeth Quay. With this in
mind, can the minister update the house on the newest tenant that will call
Elizabeth Quay home?
203. Mr S.K. L'ESTRANGE to the
Minister for Planning:
On behalf of the member for Bateman,
I welcome and acknowledge the students from Rossmoyne Senior High School, who
are in the gallery this afternoon.
I was interested to hear the
announcement of a significant hotel development at Elizabeth Quay. With this in
mind, can the minister update the house on the newest tenant that will call
Elizabeth Quay home?
AnswerView source ↗
I thank the member for the question. In case anybody missed
the announcement last week, the Premier and I advised the community that the
Elizabeth Quay project has reached another major step forward with confirmation
that the Ritz–Carlton hotel brand will be developing a five-star hotel
at Elizabeth Quay in partnership with one of Asia's largest property
developers—namely, the Far East Consortium. A luxury 204-room Ritz–Carlton
hotel will be developed, together with 420 residential apartments, in two
buildings on the eastern side of the inlet. This will make Perth the only city
in Australia to host a Ritz–Carlton hotel, and it will also provide a
significant investment in the state's economy through both tourism and
employment. As I have said previously, the government's investment in
Elizabeth Quay is being returned largely through land sales. In the case of
this particular transaction, the starting point will be $25 million and, as I
explained through a side debate in here last night, a share of revenue will
come from the sale of the apartments. It is important for people to understand
that each sale undergoes a rigorous assessment process. There is extensive
financial —
Mr P. Papalia interjected.
The SPEAKER :
Member for Warnbro, I call you to order for the first time. I do not need constant
comment on what is going on.
Mr J.H.D. DAY :
Extensive financial, legal and property advice is provided to the Metropolitan
Redevelopment Authority to ensure that an agreement is reached that is in the
public interest, which is in the interests of the taxpayers of Western
Australia, who are, of course, funding this project up-front. It is also
important to appreciate that many different factors influence the sale price,
including the building height limits and the use that is permitted on a
particular site. As I mentioned last night, there is a lower commercial value
for sites that are required to have a hotel on them than for one that may have
a commercial or residential development on it. A mix of land uses are being
provided in the Elizabeth Quay project as a result of government policy to
ensure that we have a very vibrant precinct created with hotel accommodation,
apartments, shops, restaurants, bars and offices. It is also worth noting that
the Ritz–Carlton hotel —
Mr M.P. Murray interjected.
The SPEAKER :
Member for Collie–Preston, you are really enjoying yourself down there.
I call you to order for the third time.
Mr J.H.D. DAY :
There have been no Ritz–Carlton hotels in Australia for the last 10 to
15 years. The fact that the organisation has made a conscious decision to come
back to Australia via Perth is a very strong expression of confidence in this
particular project and in Perth and Western Australia. The project will lead to
the provision of about 1 000 jobs in construction and about a $350 million
investment. At the end of this particular part of the project—the Far
East Consortium and Ritz–Carlton part of the Elizabeth Quay project—there
will be a high level of activation on the ground floor so that everybody who
visits, including local residents of Perth and Western Australia, families,
children, older people and so on, will be able to enjoy a choice of cafes,
high-end dining and a range of hospitality and other venues.
the announcement last week, the Premier and I advised the community that the
Elizabeth Quay project has reached another major step forward with confirmation
that the Ritz–Carlton hotel brand will be developing a five-star hotel
at Elizabeth Quay in partnership with one of Asia's largest property
developers—namely, the Far East Consortium. A luxury 204-room Ritz–Carlton
hotel will be developed, together with 420 residential apartments, in two
buildings on the eastern side of the inlet. This will make Perth the only city
in Australia to host a Ritz–Carlton hotel, and it will also provide a
significant investment in the state's economy through both tourism and
employment. As I have said previously, the government's investment in
Elizabeth Quay is being returned largely through land sales. In the case of
this particular transaction, the starting point will be $25 million and, as I
explained through a side debate in here last night, a share of revenue will
come from the sale of the apartments. It is important for people to understand
that each sale undergoes a rigorous assessment process. There is extensive
financial —
Mr P. Papalia interjected.
The SPEAKER :
Member for Warnbro, I call you to order for the first time. I do not need constant
comment on what is going on.
Mr J.H.D. DAY :
Extensive financial, legal and property advice is provided to the Metropolitan
Redevelopment Authority to ensure that an agreement is reached that is in the
public interest, which is in the interests of the taxpayers of Western
Australia, who are, of course, funding this project up-front. It is also
important to appreciate that many different factors influence the sale price,
including the building height limits and the use that is permitted on a
particular site. As I mentioned last night, there is a lower commercial value
for sites that are required to have a hotel on them than for one that may have
a commercial or residential development on it. A mix of land uses are being
provided in the Elizabeth Quay project as a result of government policy to
ensure that we have a very vibrant precinct created with hotel accommodation,
apartments, shops, restaurants, bars and offices. It is also worth noting that
the Ritz–Carlton hotel —
Mr M.P. Murray interjected.
The SPEAKER :
Member for Collie–Preston, you are really enjoying yourself down there.
I call you to order for the third time.
Mr J.H.D. DAY :
There have been no Ritz–Carlton hotels in Australia for the last 10 to
15 years. The fact that the organisation has made a conscious decision to come
back to Australia via Perth is a very strong expression of confidence in this
particular project and in Perth and Western Australia. The project will lead to
the provision of about 1 000 jobs in construction and about a $350 million
investment. At the end of this particular part of the project—the Far
East Consortium and Ritz–Carlton part of the Elizabeth Quay project—there
will be a high level of activation on the ground floor so that everybody who
visits, including local residents of Perth and Western Australia, families,
children, older people and so on, will be able to enjoy a choice of cafes,
high-end dining and a range of hospitality and other venues.
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