The State Government is about to commence one of the most significant urban redevelopments Australia has ever seen - and it is on Perth's doorstep.
Formerly known as ‘Gateway’, the 40ha project, bordered by the Swan River on two sides, Perth CBD and Causeway intersection has recently been renamed ‘Riverside’ to reflect its prime location on the banks of the waterway, and is set to become home to up to 5,000 new residents and 1,000 new workers over the coming decade.
To mark the start of the redevelopment and the release of the first lots for sale, Planning and Infrastructure Minister Alannah MacTiernan today announced the new project name and start of the sales campaign, saying the project would attract the biggest and best developers from around Australia.
“The significance of this redevelopment cannot be underestimated,” Ms MacTiernan said.
“No other capital city in Australia currently has an inner city redevelopment opportunity that comes close to Riverside in terms of scale and location.
“It will certainly put Perth on the map, and is further evidence that the Gallop Government is committed to enhancing Western Australia’s unique lifestyle while also protecting the environment.”
The Minister said the Riverside redevelopment formed part of the Government’s strategic vision for revitalising Perth and complemented other major urban renewal projects across the city including the restoration of the East Perth Power Station and the revitalisation of Northbridge and the Perth Cultural Centre.
“Riverside will have a particular focus on community diversity and the ‘live/work’ principles of sustainability, with a variety of housing types and an emphasis on using public transport,” Ms MacTiernan said.
“The first mini super lots for sale are in the Queens Precinct at the former Metrobus Depot site, which is adjacent to Queen’s Gardens, the WACA, the Swan River and on the CBD's doorstep.”
Ms MacTiernan said the Queens’ vision is for a quality residential neighbourhood with buildings ranging from three storeys along Hay Street to 12 storeys along
Adelaide Terrace. Queens will be a mixed-use development incorporating residential, commercial and retail uses.
Traffic improvements are being implemented to calm Hay Street and redirect traffic in and out of the city along Adelaide Terrace, in anticipation of the arrival of the new community. Further street-scaping works and the reduction of Hay Street to one lane each way will turn the street into a pedestrian and cyclist-friendly boulevard.
"Over the next ten years, Riverside will become an inner city quarter that rivals the living, working and playing facilities of the Cockle Bay Wharf in Sydney and Southbank in Melbourne,” Ms MacTiernan said.
"It will respond to the groundswell of support in recent years for inner city living."
According to the Bureau of Statistics, in 2003-04 central Perth was the fastest growing inner city area in Australia and enjoyed a 12.1 per cent jump in population.
Colliers International research shows that about 700 new apartments have been sold in inner city Perth every year for the past three years, with no signs of slowing.
The Minister said that Riverside's location and amenities, the affordability of land compared to other Australian capital cities, the continuing buoyancy of the WA real estate market and the security of a Government-supported redevelopment, would be compelling draw cards for developers and consumers Australia-wide.