❓ Ms. Evangel asks for an update on the Australian Fine China precinct development by the Metropolitan Redevelopment Authority (MRA). The Minister responds positively, highlighting the project's progress and benefits, including new housing and rental options.
AnsweredQoN 534Legislative Assembly
QuestionView source ↗
METROPOLITAN REDEVELOPMENT AUTHORITY — AUSTRALIAN
FINE CHINA PRECINCT
534. Ms E. EVANGEL to the
Minister for Planning:
We are all aware of
the success of the Metropolitan Redevelopment Authority's Subiaco
projects. Could the minister please provide the house with an update on recent
developments in the Australian Fine China precinct?
FINE CHINA PRECINCT
534. Ms E. EVANGEL to the
Minister for Planning:
We are all aware of
the success of the Metropolitan Redevelopment Authority's Subiaco
projects. Could the minister please provide the house with an update on recent
developments in the Australian Fine China precinct?
AnswerView source ↗
I thank the member for the question, and it is good to change the focus
a little of the discussion in here. The Subiaco development has been undertaken
by the MRA, and previously by the Subiaco Redevelopment Authority, and I think
is regarded as one of Australia's best transit-oriented development
projects. It is nearing completion in the Subiaco area and when it is
completed, the project will deliver almost 2 000 new homes for about 3 600
residents and provide about 287 000 square metres of new office and retail
space for approximately 6 800 workers.
What has happened in Subiaco is a good example of the benefits of
long-term planning and thinking. The Subiaco Redevelopment Authority was
originally established about 20 years ago by the then coalition government, and
the benefits are now very apparent to anybody who visits Subiaco. It is a
wonderful precinct in which people can live, work and visit, and a good lesson
on the benefits of long-term planning and thinking. When we look at Elizabeth
Quay, we can see that the same sort of outcome will eventuate in Elizabeth
Quay, the Perth City Link project and also in the Riverside project near the
Causeway.
Most recently in the Subiaco area, the development has been in the
Australian Fine China precinct that occupies the former site of the Australian
Fine China company and that was a response to market demand for inner urban
dwellings and office space close to the city. I also recall that around the
time we came into government in 2008, and I think right through 2009, there was
a lot of debate with some members of the local community and the City of
Subiaco about the scale of the development, the height and density. Legal
action was taken by the City of Subiaco, but we maintained the course and the
vision that needed to be put in place, given the proximity to major public
transport, including the Perth to Fremantle rail line and so on. I think what
has eventuated in that precinct is a good example of the benefits of
maintaining the vision that was originally established and providing not only a
higher density, but also high-quality development in appropriate locations. So
far, of the 17 development sites in the Australian Fine China precinct, 14 have
been sold, with three of the sites to be developed by the international group
Sentinel Real Estate Corp, which is headquartered in New York in the United
States. It will be using a new model for Australia that uses the funds of
institutional investors to provide residential properties as rental
accommodation for at least five years following their construction. Rental
properties will be available for long-term lease but they will not be put
immediately to the market for sale by the Sentinel corporation. This is
providing a new form of housing development in Perth that will help to improve
the rental supply and create equilibrium in the rental market. I commend the
work that has been done by the Metropolitan Redevelopment Authority, previously
the Subiaco Redevelopment Authority, and also the Sentinel corporation, and I
look forward to this development being undertaken on the ground.
a little of the discussion in here. The Subiaco development has been undertaken
by the MRA, and previously by the Subiaco Redevelopment Authority, and I think
is regarded as one of Australia's best transit-oriented development
projects. It is nearing completion in the Subiaco area and when it is
completed, the project will deliver almost 2 000 new homes for about 3 600
residents and provide about 287 000 square metres of new office and retail
space for approximately 6 800 workers.
What has happened in Subiaco is a good example of the benefits of
long-term planning and thinking. The Subiaco Redevelopment Authority was
originally established about 20 years ago by the then coalition government, and
the benefits are now very apparent to anybody who visits Subiaco. It is a
wonderful precinct in which people can live, work and visit, and a good lesson
on the benefits of long-term planning and thinking. When we look at Elizabeth
Quay, we can see that the same sort of outcome will eventuate in Elizabeth
Quay, the Perth City Link project and also in the Riverside project near the
Causeway.
Most recently in the Subiaco area, the development has been in the
Australian Fine China precinct that occupies the former site of the Australian
Fine China company and that was a response to market demand for inner urban
dwellings and office space close to the city. I also recall that around the
time we came into government in 2008, and I think right through 2009, there was
a lot of debate with some members of the local community and the City of
Subiaco about the scale of the development, the height and density. Legal
action was taken by the City of Subiaco, but we maintained the course and the
vision that needed to be put in place, given the proximity to major public
transport, including the Perth to Fremantle rail line and so on. I think what
has eventuated in that precinct is a good example of the benefits of
maintaining the vision that was originally established and providing not only a
higher density, but also high-quality development in appropriate locations. So
far, of the 17 development sites in the Australian Fine China precinct, 14 have
been sold, with three of the sites to be developed by the international group
Sentinel Real Estate Corp, which is headquartered in New York in the United
States. It will be using a new model for Australia that uses the funds of
institutional investors to provide residential properties as rental
accommodation for at least five years following their construction. Rental
properties will be available for long-term lease but they will not be put
immediately to the market for sale by the Sentinel corporation. This is
providing a new form of housing development in Perth that will help to improve
the rental supply and create equilibrium in the rental market. I commend the
work that has been done by the Metropolitan Redevelopment Authority, previously
the Subiaco Redevelopment Authority, and also the Sentinel corporation, and I
look forward to this development being undertaken on the ground.
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