Major project milestone hit as Riverside flows

• Milestone agreement finalised for East Perth's Waterbank precinct

• First building and public realm construction scheduled to commence 2014

• Riverside project continues to transform Perth's eastern gateway

A milestone agreement has been finalised by the Metropolitan Redevelopment Authority with Lend Lease for the $1billion Waterbank precinct in East Perth.

Planning Minister John Day said the agreement represented significant investment from Lend Lease in the project and allowed the developer to progress its plans for the site, including the start of building and public realm construction in late 2014.

"Waterbank will deliver a new style of community for Perth with office and retail space for more than 1,500 workers, 600 residential apartments, and plans for short stay accommodation," Mr Day said.

"Part of the 40-hectare Riverside project, Waterbank will provide a striking entry statement for the eastern gateway to the CBD and create an exciting new riverfront destination for Perth residents and visitors to the city.

"The precinct has an important role to play in transforming and building Perth's capacity to support strong population growth and meet the future commercial needs of our city.

"It will provide a range of activities for people of all ages to enjoy, at all times of the year, and offer a natural beach area surrounded by public promenades and high quality open space, including a wetland and water play area.

"Lend Lease's first building and the majority of the public domain, including a direct connection from Hay Street to the Swan River and a new river pier, will be delivered by late 2017."

Last year, the State Government awarded a $22million contract for road and infrastructure works on and around the Waterbank site. These works are well progressed, with ground conditions ready for future public spaces, development and new connections to cater for the growing numbers of people who will live, work and socialise in the Riverside area.

          Fact File

• Waterbank site adjacent to Causeway, WACA and Trinity College

• Road works around the site nearing completion, with existing slip lane from Hay Street onto Causeway realigned to cater for area's growing population

• Liberal National Government has invested more than $1billion towards the Bigger Picture of metropolitan Perth with massive transformations under way at Elizabeth Quay, Perth City Link and the Riverside Project

• More information at: http://www.mra.wa.gov.au  

Minister's office - 6552 6200