- Port
Hedland Voluntary Buyback Scheme extended for two years
- Terms
of the Buyback Scheme modified to include more eligible properties
- Extension
continues to pave the way for the future redevelopment of the West End precinct
A voluntary scheme
to buyback residential properties in Port Hedland's West End has been extended
for a further two years.
The Port Hedland
Voluntary Buyback Scheme (PHVBS) was established to assist in the
implementation of the Government's response to the 2018 Port Hedland Dust
Management Taskforce Report, and enables the State Government to purchase
residential properties to reduce land use conflicts with Port users.
The Government
Response to this report also led to the establishment of the Port Hedland
West End Improvement Scheme No 1 where permanent residential use is no
longer permitted.
Almost 60 per cent
of the eligible properties have been purchased, or are in the process of being
purchased, by the Hedland Maritime Initiative (HMI), a subsidiary company of
the Pilbara Ports Authority (PPA).
The
Government is extending the scheme for a further two years to 31 December 2025,
with some changes to its operational terms, to stimulate increased take-up by
property owners.
The type
of properties eligible under the PHVBS will be expanded to include certain
non-residential properties located on lots which are otherwise fully eligible -
for example shopfront businesses, or short stay accommodation operations in residential
apartment blocks.
The valuation
mechanism used to determine a fair price for property owners selling their
properties will also be modified.
At present,
valuation is based on the 2019 benchmark amount, with a 35 per cent premium,
plus an annual increase of between zero and four per cent, as determined by an
independent valuer. This will be modified so that any future downturn in market
value for properties in the Town of Port Hedland will be reflected in the price
offered. Annual increases will remain capped at four per cent.
Funding
for the property purchases is provided solely by iron ore exporters - via a
special levy on all iron ore tonnes shipped through the port of Port Hedland. Funds
collected will also be used for minor works to improve properties acquired by
HMI.
During
the next phase of the scheme, planning for the redevelopment of the West End
precinct will begin. The WA Planning Commission, supported by the Department of
Planning, Lands and Heritage, will facilitate the progression of structure
planning, in line with the provisions of the Improvement Scheme.
Funding
from the PHVBS will be available for future development in the Town of Port
Hedland, with an initial contribution of $22 million.
The scheme
will continue to be administered by HMI, but will be overseen by a locally
constituted steering committee to be chaired by the Pilbara Development
Commission.
This steering
committee will include PPA, the Town of Port Hedland, and the Port Hedland
Industries Council; and they will report to the responsible Ministers for Ports
and for Planning.
Comments attributed to
Ports Minister David Michael:
"I am pleased to announce
that we are extending the Port Hedland Voluntary Buyback Scheme for a further two
years, to provide the opportunity to increase the take up by eligible property
owners.
"We
appreciate the ongoing participation of the iron ore miners to help facilitate
the redevelopment of the West End for purposes sympathetic to its location
adjacent to the Port."
Comments attributed to
Planning Minister John Carey:
"This next stage is an opportunity
to progress the planning for the West End as a maritime precinct.
"We can now work towards deploying
$22 million of scheme funds to future development in the Town of Port Hedland."
Comments attributed to
Pilbara MLA Kevin Michel:
"Port Hedland is a
vibrant town with a diversified economy.
"The
buyback scheme is helping to create an exciting new precinct in conjunction
with the $180 million Spoilbank Marina project. This will be transformational
for both the Town and the greater Pilbara region."
