Western Australia

Far East Consortium selected as preferred proponent for hotel and apartment development at Elizabeth Quay

WEST Australian Premier Colin Barnett last week confirmed that the 5-star Ritz-Carlton hotel chain will be the first hotel development at Elizabeth Quay, following the selection of a preferred proponent to undertake the $350 million development.

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 $440 million investment in the development. 

"The construction of the two towers by the Far East Consortium will bring more than $350 million 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 he described as 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, with the 2.7-hectare inlet and public spaces, including the pedestrian bridge, three cafes/restaurants and the island, due to open in 2015.

Mr Day also said that major works have started on site to construct the inlet walls, with work also continuing on the $20 million 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.

Far East is scheduled to commence works in 2015, with the Ritz-Carlton expected to open in 2018. When complete, the Elizabeth Quay is expected to incorporate a total of 800 residential apartments, 400 hotel rooms, 200,000 square metres of commercial and office space and 25,000 square metres of retail space.

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