Tuesday, 13 March 2012 10:35
Three city infrastructure projects underway in Perth are presenting excellent business tourism investment opportunities, with the Perth City Link, Waterfront Project and Riverside Project together representing an investment attraction of over A$8billion.
The redevelopment projects are set to integrate the city centre space with the foreshore of the Swan River and the bustling cultural centre of Northbridge, and to prepare the city for its forecast rapid population growth – the City of Perth is forecast to be the fastest growing local government in Western Australia, with an annual average growth rate of 6.7 per cent over the 20-year projection period (2006 to 2026).
Western Australia’s economy also has a very positive outlook. Valued at A$217 billion in 2010-11, the State economy has been the fastest growing economy in Australia, with an average growth of 4.4 per cent per year in real terms over the last decade.
Tourism is a key economic driver in Western Australia, generating over 73,000 jobs and injecting over A$5.9 billion into the State economy. Some examples of major foreign investments in the Western Australian tourism sector are Intercontinental Hotels Group, Accor Hospitality, Pan Pacific Hotels Group, Hyatt Hotels, Hilton Worldwide, Frasers Hospitality, Ascott International, Rendez Vous Hospitality, Wyndham Hotels and Resorts and Toga Hospitality.
With a highly entrepreneurial culture, low sovereign risk and a growing economy, Western Australia’s commercial environment actively fosters growth and prosperity. The State also has a stable government that supports growth with transparent legal and regulatory processes and innovative government policies.
Businesses recognise the opportunities that operating in Western Australia presents, and the State has a higher rate of companies listed on the Australian Securities Exchange (ASX) per head than Melbourne or Sydney. Business investment in Western Australia increased 12 per cent in nominal terms in 2010-11 to A$49 billion.
Perth is particularly well-situated for regional headquarters for companies working in the Asia and Pacific Rim regions, as it shares a time zone with much of Asia, and has quicker flying times to most cities in the region, as well as to Europe, than Australia’s eastern cities.
As well as the opportunities offered by these city redevelopment projects, there is a diverse range of tourism investment opportunities across the State, from niche ecotourism offerings in remote Western Australia, to spa and winery opportunities in the south west. These also include acquisitions, freehold land for development, leasehold land, conversions and joint venture opportunities.
Find out more about the city infrastructure projects from the Metropolitan Redevelopment Authority.
Perth City Link
- Investment attraction: A$3 billion
- 13.5 hectare project
- Increased retail, commercial, hospitality and entertainment opportunities, with combined estimated floor space of 244,000 square metres
- Approx 1,650 dwellings and 13,500 new workers
- Includes A$480 million Perth Arena opening 10 November: a new 15,500 seat, multi-purpose indoor sports and entertainment centre
- Investment value: A$2.6 billion
- Project area of 10 hectares
- Mixed-use opportunities on a major redevelopment of the city river foreshore, both leasehold and freehold
- Estimated 9 million visitors per annum
- 3,300 jobs per year during construction phase
- Capacity to host 15,000 to 20,000 people during major events
- Investment required: A$2.6 billion
- State Government investment: A$113 million
- Project area of 40 hectares
- 81,000 square metres of new retail/commercial space
- 3,400 new residential dwellings and 1,700 workers