The high-profile Perth Waterfront project will attract significant investment opportunities into Western Australia, says the state’s Planning Commission Chairman, Gary Prattley.
He said the Perth Waterfront project, which is being showcased the 11th annual Australia, New Zealand and Pacific Hotel Industry Conference (ANZPHIC) in Sydney this week, is one of a number of major developments revitalising Perth CBD and would be a significant milestone in the State’s history.
“The Perth Waterfront project will add a new dimension to the city and will help ensure Perth remains a contemporary, liveable and globally competitive city well into the future,” the Western Australian Planning Commission Chairman said.
Prattley said that Perth has seen strong growth across occupancy rates, average daily rates and revenue per available room which can be attributed in large part to the mining boom.
“Perth is currently experiencing sustained occupancy rates above 80% and the market has performed well against other capital city markets in recent years.
“But because of this strong demand and pricing, Perth is experiencing a limited supply of additional rooms.
“Therefore the Perth Waterfront brings to the market major opportunities for investors particularly within the business and tourism markets,” Prattley said.
Prattley said there is great enthusiasm and willingness within State Government and the City of Perth to attract hotel investment and both levels of Government are reviewing how they can further facilitate this.
Substantial earthworks on the Perth Waterfront project will be getting underway in early 2012 with the main works expected to be complete by the end of 2014.