Two rich-listers have joined forced to transform the derelict East Perth Power Station into a mixed-use precinct.
Broadcast baron Kerry Stokes and mining billionaire Andrew Forrest have been selected by the West Australian government as the preferred proponents to redevelop the heritage-listed power station by the shores of the Swan River.
Stokes' private investment arm Australian Capital Equity and Forrest's Minderoo Group will now transform the former industrial site to accommodate a mix of new residential, commercial, recreational and tourism opportunities.
The joint venture partnership was one of five shortlisted proponents arising from a competitive expression of interest for the site including Mirvac, Frasers Property, Lendlease and PowerHouse City.
The $218 million redevelopment will aim to celebrate the heritage of the power station building, which has sat unused for four decades.
The site sits within walking distance of the East Perth train station and will present new housing opportunities with access to both public transport and the river.
Close to $50 million has been contributed to the site by the state government in order to prepare the future development which will be known as Koomba Kalark, which translated to “the place of the big fire” in recognition of the cultural significance of its location.
The site will now be readied which with early works including undergrounding overhead transmission lines, decommissioning the switchyard and relocating the gas station to an alternative site.
Expressions of interest to develop the heritage site were called for by the Metropolitan Redevelopment Authority in 2015, with Australian Capital Equity sounding out plans in 2016 for to establish a public museum to store his private art collection.
In 2018, architecture firm Hassell was enlisted by an international art foundation to seek out a location for a new cultural building, which saw proposals drawn up for the sites potential future use.
“This project will create and support local Western Australian jobs and deliver a new, vibrant precinct on the banks of the Swan River that will become a prime destination for locals and tourists alike,” WA premier Mark McGowan said.
“This kind of project has been talked about for years, and now it's finally coming to fruition.”
Australian Capital Equity and Minderoo Group will now work with Development WA to refine details of their joint proposal for the precinct.
Minderoo Group recently partnered with developers Linc Property to launch Perth's largest new industrial estate, the new $500 million estate, called Roe Highway Logistics Park, set to be built on 56-hectares of rezoned former rural land 13 kilometres east of the Perth city centre.