THE West Australian Government this week announced that Lend Lease has been selected as the preferred proponent to develop the four-hectare Waterbank site, a key precinct in the $2.6 billion Riverside project in East Perth.
Planning Minister John Day said the decision is the culmination of a 15-month evaluation process that will see more than $1 billion of private sector investment in the next 10 years.
"Located adjacent to the Causeway Bridge, Waterbank will become a unique destination that brings the city to the river and incorporates a hotel development; shopping quarter; and new residential and office accommodation," Mr Day said.
According to the government, key features of the Lend Lease design include the creation of an inlet with multiple opportunities for people to engage with the river, including a public beach; continuous public access to, and along, the river; and a landmark tower at the entrance to the city.
Mr Day said it had been an extremely difficult task separating the two high quality bids from Frasers Property Group, in conjunction with Brookfield Multiplex Constructions Pty Ltd, and the successful applicant.
"The design approach taken by Lend Lease allows for diversity in residential accommodation, quality public spaces and provides a variety of opportunities to interact with the water," he said.
Lend Lease Group Chief Executive Officer and Managing Director, Mr Steve McCann, said the company was delighted to have been selected for the landmark project.
"Our selection as preferred proponent reflects Lend Lease's international experience and expertise in urban regeneration," said Mr McCann.
"This large scale urban redevelopment plays to Lend Lease's core strengths and enables us to leverage our integrated model, including development, construction and funds management."
Lend Lease's Waterbank precinct is expected to provide up to 720 dwellings, accommodating approximately 1,500 residents. It will include commercial and retail space as well as a hotel.
Located on the banks of the Swan River, and bordered by Adelaide Terrace and the Causeway to the south, the 40-hectare Riverside project aims to transform the eastern gateway to Perth and create a cosmopolitan waterfront community and tourist destination.
The Riverside project is expected to accommodate approximately 6,000 new residents and deliver around 81,000 square metres of new commercial and retail space.