- Far East Consortium secures second development opportunity at Elizabeth Quay
Development brings first Ritz-Carlton hotel to Australia after 10-year hiatus
Construction valued at more than $350million and will create about 1,000 jobs
Premier Colin Barnett has today confirmed that the prestigious 5-star Ritz-Carlton hotel chain will be the first hotel development at Elizabeth Quay.
Mr Barnett said the State Government had selected one of Asia's largest property developers, Far East Consortium, as the preferred proponent to develop a 204-room Ritz-Carlton hotel and 420 residential apartments in two towers adjacent to the Bell Tower.
"I would like to congratulate Far East Consortium for bringing The Ritz-Carlton to Elizabeth Quay and back to the Australian market after a decade away," the Premier said.
"This 5-star luxury hotel will create a signature address at Elizabeth Quay and will have a substantial positive effect on tourism in Perth and Western Australia."
Mr Barnett said land sales at the quay would return a significant portion of the Government's initial $440million investment in the development.
"The construction of the two towers by the Far East Consortium will bring more than $350million to the State's economy and create around 1,000 jobs, both during construction and future hotel operations," he said.
This announcement follows the decision by Chevron (TAPL) Pty Ltd to secure a site on the corner of Barrack Street and The Esplanade. Five proponents have also been shortlisted as potential developers of the two lots at the top of the inlet.
Planning Minister John Day said the sales showed there was strong demand for land at Elizabeth Quay which will be a premium location for business and a fantastic way for all West Australians and visitors to enjoy the waterfront.
"The Far East Consortium's development will include a choice of high-end and family-oriented food and beverage outlets including all-day-dining, bars and cafes. These will activate the ground floors and attract a broad mix of visitors to Elizabeth Quay," Mr Day said.
The Minister said the quay was on time and budget. The 2.7ha inlet and public spaces, including the pedestrian bridge, three cafes/restaurants and the island are due to open in 2015.
"This week, major works started on site to construct the inlet walls. Work also continues on the $20million revitalisation of Barrack Street Jetty to create the lot that will house the future apartments, and a new event space in front of the Bell Tower," Mr Day said.
Fact File
Far East is scheduled to commence works in 2015, with The Ritz-Carlton expected to open in 2018
The consortium has called for registrations of interest to own one of the 420 apartments
When complete, the quay will incorporate 800 residential apartments, 400 hotel rooms, 200,000sqm of commercial and office space and 25,000sqm of retail space
More information is available at http://www.elizabethquay.wa.gov.au
Premier's office - 6552 5000
Planning Minister's office - 6552 6200
