DETAILED design plans and a funding commitment from the West Australian Government for the Perth Waterfront redevelopment were announced today, with the project expected to be completed by mid-2014.

West Australian Premier Colin Barnett said Cabinet had approved $270 million of funding for the Perth Waterfront Project in the 2011-12 State Budget.

Mr Barnett said the news was "a significant milestone for the project and a tangible step towards its delivery."

"The new waterfront will ensure Perth remains a contemporary, liveable and globally competitive city," Mr Barnett said.

Planning Minister John Day said the 1.5 hectare 'Waterfront Promenade' would be the main feature of the project.

The redevelopment will also include a public jetty with short term mooring for up to 30 boats, an inlet and landscaped island, new parkland, space for major events and performances, cafes, bars and restaurants and pedestrian and cycle paths.

"Once completed, Perth Waterfront will be an exciting new city destination with direct and uninterrupted connection to the Swan River," Mr Day said.

Construction is expected to take about 30 months. Preparation works will begin later this year, with earthworks due to commence in early 2012.

The timing and budget for the second stage of development, including an Indigenous Cultural Centre, will be set as the major construction of the waterfront nears completion.

The WA Government expects the 10 hectare site to contain 1,700 apartments, 150,000 square metres of office space and 39,000 square metres of retail space. This private sector construction is expected to commence in stages from 2013 to 2022.