Hong Kong-listed Far East Consortium has declared its five-lot Perth City Link development extravaganza an opportunity to help Perth become a “truly international city”.
The property developer, now building the $400 million Ritz Carlton and The Towers at Elizabeth Quay, and internationally backed student accommodation group Cedar Pacific were this week declared frontrunners to transform the Roe Street side of the link into a thriving community.
Pictured are FEC’s early artists’ impressions of the streetscapes from the Perth Arena end of Perth City Link.
FEC’s five Perth City Link lots, including its $220 million Dorsett hotel and apartments planned for lots 2 and 3A, are expected to transform the wasteland-like concreted Roe Street side of Perth City Link into an exciting city precinct.
Cedar Pacific chief executive Bernie Armstrong said its plans for the long, skinny Roe Street strip behind the Perth Arena, would give tertiary students on a range of budgets an “urban experience” that did not exist on Perth campuses.
“We think the precinct will become very dynamic and students will be a great addition,” Mr Armstrong said.
FEC said it planed to start stage one, including the Dorsett hotel, next year subject to Metropolitan Redevelopment Authority development approval.
“Perth is a beautiful city and we are very optimistic about its future prospects,” FEC chairman David Chiu said.
FEC’s latest acquisitions, lots 3b, 6 and 7, on the Roe Street side, would help create “a new community between two established city precincts alongside amazing transport and entertainment facilities”, FEC Australia executive director Craig Williams said.
As well as delivering what FEC managing director Chris Hoong describes as a good Perth development pipeline for years to come, the endgame includes more than 850 apartments, a supermarket, shops, cafes, restaurants and small bars, concentrated on the east side of lot 7, on the new road King Lake Street, to link Northbridge and the Perth CBD.
WA manager Dan Sweet said FEC was excited about regenerating what used to be train tracks and bus driveways.
“We are talking to people with really exciting food and beverage concepts. We see room for Asian influence in that food and beverage offering. We love small bars.”
FEC said it wanted to expand Perth’s Chinatown into Perth City Link. Early plans include outdoor eating and small bars opening on to the Milligan Plaza and into the King Lake Street road extension.
PRDnationwide project marketing director Angus Murray said Perth’s lacklustre property market would “burst back to life in the next 12 months and amazing projects like this will be part of that revival”.
“This is going to be an exciting inner-city precinct to rival the best in Australia,” Mr Murray said.
MRA chief executive Kieran Kinsella said the WA Government’s $1.4 billion investment was yielding visionary development proposals within a “world-class transport infrastructure” transit-oriented development.
He said the lots had attracted strong interest from reputable developers and was attracting new investment to Perth. However, he declined to reveal the sale value of the lots. including the sale of lot 4 to student accommodation developer Cedar Pacific.