❓ Mr Sutherland asks about office space availability in Perth CBD. Mr Day acknowledges concerns due to economic growth and outlines government projects (Perth City Link, Waterfront, Riverside) aimed at increasing commercial space and urban renewal.
AnsweredQoN 849Legislative Assembly
QuestionView source ↗
PERTH CENTRAL BUSINESS DISTRICT — OFFICE SPACE
Is the minister aware of concerns in the business community over the future availability of office space in the Perth central business district; and, if so, what steps is the government taking to ensure that Perth has the office space it needs to meet the future growth of the state’s economy? Mr J.H.D. DAY
Is the minister aware of concerns in the business community over the future availability of office space in the Perth central business district; and, if so, what steps is the government taking to ensure that Perth has the office space it needs to meet the future growth of the state’s economy? Mr J.H.D. DAY
AnswerView source ↗
I thank the member for the question. As everyone is aware, Western Australia is the economic growth capital of Australia, and there is a very large amount of economic development happening, particularly in the resources sector, with in excess of $200 billion worth of projects either underway now or being planned. All that leads to substantial pressure on not only residential accommodation, but also commercial accommodation, and it is the case that commercial vacancy rates, particularly in the Perth CBD, have been going down in recent times. I am aware that there is some degree of scepticism about the number of projects that the government is involved in—some scepticism from the opposition, in particular the member for Cannington, who made some critical comments in a debate in this place two or three weeks ago. We can consider his comments and whether they may be valid. I must say that I am more inclined to take the view of some of those people involved in the property industry in Western Australia about what is happening. For example — Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY replied: I thank the member for the question. As everyone is aware, Western Australia is the economic growth capital of Australia, and there is a very large amount of economic development happening, particularly in the resources sector, with in excess of $200 billion worth of projects either underway now or being planned. All that leads to substantial pressure on not only residential accommodation, but also commercial accommodation, and it is the case that commercial vacancy rates, particularly in the Perth CBD, have been going down in recent times. I am aware that there is some degree of scepticism about the number of projects that the government is involved in—some scepticism from the opposition, in particular the member for Cannington, who made some critical comments in a debate in this place two or three weeks ago. We can consider his comments and whether they may be valid. I must say that I am more inclined to take the view of some of those people involved in the property industry in Western Australia about what is happening. For example — Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
I thank the member for the question. As everyone is aware, Western Australia is the economic growth capital of Australia, and there is a very large amount of economic development happening, particularly in the resources sector, with in excess of $200 billion worth of projects either underway now or being planned. All that leads to substantial pressure on not only residential accommodation, but also commercial accommodation, and it is the case that commercial vacancy rates, particularly in the Perth CBD, have been going down in recent times. I am aware that there is some degree of scepticism about the number of projects that the government is involved in—some scepticism from the opposition, in particular the member for Cannington, who made some critical comments in a debate in this place two or three weeks ago. We can consider his comments and whether they may be valid. I must say that I am more inclined to take the view of some of those people involved in the property industry in Western Australia about what is happening. For example — Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY replied: I thank the member for the question. As everyone is aware, Western Australia is the economic growth capital of Australia, and there is a very large amount of economic development happening, particularly in the resources sector, with in excess of $200 billion worth of projects either underway now or being planned. All that leads to substantial pressure on not only residential accommodation, but also commercial accommodation, and it is the case that commercial vacancy rates, particularly in the Perth CBD, have been going down in recent times. I am aware that there is some degree of scepticism about the number of projects that the government is involved in—some scepticism from the opposition, in particular the member for Cannington, who made some critical comments in a debate in this place two or three weeks ago. We can consider his comments and whether they may be valid. I must say that I am more inclined to take the view of some of those people involved in the property industry in Western Australia about what is happening. For example — Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
I thank the member for the question. As everyone is aware, Western Australia is the economic growth capital of Australia, and there is a very large amount of economic development happening, particularly in the resources sector, with in excess of $200 billion worth of projects either underway now or being planned. All that leads to substantial pressure on not only residential accommodation, but also commercial accommodation, and it is the case that commercial vacancy rates, particularly in the Perth CBD, have been going down in recent times. I am aware that there is some degree of scepticism about the number of projects that the government is involved in—some scepticism from the opposition, in particular the member for Cannington, who made some critical comments in a debate in this place two or three weeks ago. We can consider his comments and whether they may be valid. I must say that I am more inclined to take the view of some of those people involved in the property industry in Western Australia about what is happening. For example — Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr W.J. Johnston : Twenty bucks says I am right! Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : If the member listens to the rest of the answer, he might, if he has an open mind, start to come around. I quote from an article in a recent issue of Western Australian Business News, which stated, among other things — Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr W.J. Johnston : Ha! Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : Does the member not think that it has any credibility? Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Several members interjected. Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : I suggest that the member take that up with the editor of Business News . Amongst other things, the article stated — Demand from the commodities sector has sent rental growth rocketing in Perth, however, with a jump of 26.9 per cent moving Perth up to fifth on the global list. Later in the article Mr Kevin George, the head of leasing at Jones Lang LaSalle, said — “The demand from resource and resource-related tenants continues to drive vacancy down and rents up in the Perth CBD. That is the observation of one senior member of the property industry in Western Australia. The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
The provision of greater growth in commercial accommodation in Perth is the reason, in part—only in part—that the government is undertaking the Perth City Link project, the Perth Waterfront project and also the Riverside project in the eastern end of the Perth CBD. These projects also have major urban renewal aspects and will add to the vibrancy and amenity of the Perth CBD in a very substantial way. Perth City Link will provide 244 000 square metres of retail and commercial space, accommodation for 13 500 Western Australian employees in that area and residential development for about 3 000 people. The amount of commercial space that will be provided through the Perth City Link project, therefore, is very substantial. It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
It is notable that the old Perth Entertainment Centre is close to being demolished. That is expected to be done by the end of the year. The owner, Seven West Media, has submitted a development application to the East Perth Redevelopment Authority, including plans for 18 000 square metres of new office accommodation. I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
I mentioned the Riverside project under the East Perth Redevelopment Authority at the eastern end of the Perth CBD. That is expected to provide 81 000 square metres of commercial and retail space. Just under a fortnight ago I was pleased to announce that Lend Lease is the preferred proponent for the development of the Waterbank project adjacent to the river near the Causeway. That will provide — Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.N. Hyde : The only office you have built is the Premier’s Palace. These are all private; the Premier’s Palace is the only one you have had a hand in! The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
The SPEAKER : Member for Perth! I formally call you to order for the first time today. Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : The East Perth Redevelopment Authority, for the information of members who are not aware, is a public agency and a government instrumentality in Western Australia, as will be the new Metropolitan Redevelopment Authority, of which EPRA will be a part from 1 January. The Lend Lease Waterbank project is expected to provide 11 000 square metres of commercial and retail space. Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Finally, the Perth Waterfront project is also close to commencing major construction and this government has made the decision — Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr W.J. Johnston interjected. The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
The SPEAKER : Member for Cannington! You have an opportunity in this place to get up and ask questions. I would prefer it if you went along that road. I formally call you to order for the first time today. Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Mr J.H.D. DAY : This government has made the formal decision that the project will go ahead and the funds are allocated to enable it to occur. The Perth Waterfront project is expected to provide an additional 150 000 square metres of commercial and retail space in the Perth CBD. That is a very large amount of growth. In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
In conclusion, I note the comments by Mr Paul Craig, the managing director of Savills, in a recent article in the property section of The West Australian newspaper — “Bring on the Waterfront, bring on the City Link—they will be great for Perth and for leasing agents, because the next few years is going to be pretty tough in the market and tenants should be … locking down some space—as much as they can. Later in the article are comments from Peter Agostino, the CBRE managing director, who said — “A big concern is the lack of significant development sites around the city so projects such as Perth City Link and the waterfront are going to be crucial to ease the pressure and provide office supply for the next phase.” Tourism, short-stay accommodation and hotel developments are important aspects of all those three projects. So, I agree with that. Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
Contrary to the scepticism that is expressed by at least some members of the opposition, there is a substantial demand for additional commercial and retail space in Perth, and the projects being undertaken as a result of decisions by this government will ease the supply substantially.
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