The Western Australian Cricket Association has moved to shore up its financial and sporting future by agreeing to partner in a $250 million redevelopment (see pictures) of the WACA ground with developer Ascot Capital Ltd, the operator of Jandakot Airport.
The Western Australian Cricket Association has moved to shore up its financial and sporting future by agreeing to partner in a $250 million redevelopment (see pictures below) of the WACA ground with developer Ascot Capital Ltd, the operator of Jandakot Airport.
The joint venture announced today will see the existing northern stands demolished and the ground transformed into a 30,000 seat venue, overlooked by two 17-storey residential towers of 160 apartments and two six-storey office buildings alongside 24 townhouses and a significant retail and entertainment precinct.
Unique to the WACA's proposal, are 56 short-stay residential apartments located across the upper levels of its new northern stand, which come match day, would be converted into 80 corporate suites.
A three to four year time frame has been put on the project, with both parties agreeing that gaining planning permission for the 17-storey towers would be one of a number of hurdles it had to overcome.
Ascot Capital have committed to funding the entire project through a combination of equity and debt, with the WACA retaining its free-hold title over the ground.
WACA chief executive Graeme Wood said the proposal was not contingent on government funding, however it would seek assistance of between $15 and $20 million from the government to create a Centre for Cricket Excellence at the University of Western Australia' sports park in Floreat to provide indoor and outdoor practice facilities, to replace those lost through the redevelopment.
Part of the funding would also be used to replace existing lighting towers at the ground.
"Our president Dennis Lillee has relentlessly pursued our vision to find a development which would allow us to keep our home by the river. It's a partnership which I believe will take Western Australian Cricket to another level," Mr Wood said.
"This combination of a world class cricket arena within a commercial/residential mix will create a stunning development...it's St John's Wood plus the river."
Premier Alan Carpenter, government representatives, the Major Stadia Taskforce, East Perth Redevelopment Authority and neighbouring Trinity College have been briefed on the proposed redevelopment.
The WACA's new partner, Ascot Capital, is in the process of developing 160 hectares of office, warehouse and distribution facilities at Jandakot Airport, and has extensive commercial, retail and industrial interests throughout Australia, United Kingdom and South Africa.
The full text of a company announcement is pasted below
The Western Australian Cricket Association today announced a major new strategic partnership that will secure both the WACA Ground as the home of cricket in Western Australia and the financial future of the Association.
The WACA and Ascot Capital Limited, the operators of Jandakot Airport, have signed a heads of agreement that will see the historic WACA Ground transformed into a stunning 30,000 seat venue for international and domestic cricket as well as being home to two residential towers, two office blocks and a retail and entertainment precinct.
When making the announcement at the WACA Ground WACA Chief Executive Officer Graeme Wood said that today would go down as a momentous day in WACA history.
"This is quite simply one of the most important announcements in the proud history of the Western Australian Cricket Association," Wood said.
"Today we have secured the world famous WACA Ground as the home of cricket in Western Australia and we have done it while also securing the financial future of the sport.
"The WACA is an iconic ground in world cricket and an important part of WA's sporting history so I am sure most West Australians will agree that this development is a fantastic result for WA sport."
Ascot Capital Limited said that it was delighted to be involved in a development that will see an iconic Western Australian institution remain standing.
The development proposal combines an exciting mix of commercial development and the retention of the WACA as a world class facility.
The partnership between the WACA and Ascot Capital Limited will see the WACA Ground's capacity increased by 6,000 and also creates long term revenue opportunities for the Association.
WACA Chairman David Williams said the partnership provides an outstanding package to the WACA whilst achieving the WACA Board's stated aim of keeping cricket at the WACA Ground.
"That we are in this position is due to the efforts of our President, Dennis Lillee, who has relentlessly pursued our vision of utilising part of our land bank in partnership with private equity and he is responsible for creating this wonderful opportunity," Williams said.
"The principals of Ascot, David Van der Walt and Greg King are lovers of cricket and we trust we will all provide them our support for this courageous project which will be of great benefit to cricket in Western Australia."
The development proposal requires modest financial Government support to modernise lighting facilities at the redeveloped ground and for the creation of a Centre for Cricket Excellence at The University of Western Australia's Sports Park in Floreat. The Centre for Cricket Excellence forms a crucial part of the development plans as the existing practice facilities (both indoor and outdoor) at the WACA Ground will be lost in the redevelopment.
"There are many issues to be overcome as with any major project," Williams said.
"That said nothing was won without overcoming challenges and on behalf of Dennis and the Board we can assure you we are absolutely committed to this project."
A three to four year time frame has been put on the development project.
