Sale of Government half share in Lakeside Joondalup Shopping City announced

11/5/99
Lands Minister Doug Shave has announced the sale of the Government's half share in the Lakeside Joondalup Shopping City to its joint venture partner, Perpetual Trustee Limited WA.
"The sale of the half share for $58.5 million is a positive result and evidence of the strength of the retail sector in Western Australia," Mr Shave said.
"The sale, by the Government land agency LandCorp, reflects the Government's policy of having LandCorp focus more strongly on providing industrial land around the State to promote economic growth and employment."
Mr Shave said the joint venture agreement between LandCorp and Perpetual Trustees gave either partner first right of refusal if the other decided to sell. Negotiations on the sale had been protracted but had ensured a sound commercial outcome.
Lakeside Joondalup had been built to provide a strong retail presence in Joondalup as a catalyst to the city's development.
"Since opening in 1994 the centre has recorded strong growth, turnover increasing by almost 11 per cent in the past year," Mr Shave said.
Planning forecasts indicate the centre would grow to 100,000sq.m of floor space in the next 10 to 15 years. A six-cinema complex was recently opened and a second discount department store was under construction at the centre.
"At present 215, 000 people live in the region and this is expected to rise to more than 500,000 by 2021," Mr Shave said.
"Investment in Joondalup so far exceeds $1 billion. LandCorp has invested $125 million, other Government agencies $200 million, and the private sector more than $700 million."
New infrastructure and commercial construction worth $120 million is planned or under way. Projects include an $11 million aquatic centre, the $35 million Police Academy, extensions to the Mitchell Freeway, and a large number of private sector initiatives.
Media contacts: John Clune (Minister's Office) 9213 6500
Michelle Downie (LandCorp) 9400 7449