PERTH City Link suffered a major setback today with the Metropolitan Regional Authority (MRA) terminating the sales process for a master developer for eight lots of the project.
This morning the MRA announced the decision, which affects the 13.5ha CBD project spanning from the Horseshoe Bridge to Perth Arena.
MRA chairman Richard Muirhead said the board “resolved to terminate the current process at its meeting this month and has advised Mirvac of their decision to cease negotiations”.
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READ NOWMr Muirhead said the MRA and Mirvac had “worked in good faith over the past three years to accommodate significant changes in the original joint venture partnership, whilst also responding to changing market conditions”.
“Despite the best efforts of both parties, we were unable to reach a satisfactory agreement that is consistent with our initial expression of interest and delivered value for the Western Australian taxpayers,” he said.
The Guardian Express has contacted Planning Minister Donna Faragher for comment.
MRA chief executive Kieran Kinsella said an alternate sales strategy would be developed for endorsement by the board and anticipated the initial land release to go to market before the end of 2016.
It is anticipated that over the next few weeks the MRA will call for expressions of interest for “temporary activation opportunities” on the vacant land surrounding the new Perth Busport.