Self-funding redevelopment program for Withers (Bunbury)

22/3/95

Property values in the Bunbury area of Withers could rise up to 30 per cent during the next two years under a Homeswest self-funding redevelopment program, Housing Minister Kevin Prince said today.

Mr Prince announced the redevelopment plan today and said Homewest analysts believed the project would not only revitalise the Withers area but could also return a six-figure profit to Homeswest.

"This is a scheme which will not only transform one of Bunbury's less attractive areas but will also realise profits to be directed back into other rental construction work," the Minister said.

"It will not only be Homeswest tenants who benefit, as the increase in property values will be reflected in surrounding suburbs.

"This plan is good news for all people in Bunbury."

Under the Homeswest scheme, the density of State housing will be reduced through a combination of private market sales and tenants being able to buy their rental homes under the Right to Buy scheme.

Apartments at Parkside Mews (formerly Bomberi Flats) and Kaoroo will be offered for sale by tender with overseas investors and local tertiary education institutions among the likely list of potential buyers.

The apartment blocks will be demolished if they do not attract substantial bids and replaced by 38 single lots and one group housing site.

The first stage of the redevelopment project will occur in April.

Mr Prince said the second stage of the redevelopment would see housing in Stallard and Wilkerson Ways offered to existing tenants under the Right to Buy scheme.

This would give long-term tenants the opportunity to buy their home at a discount rate.

Houses that became vacant would be refurbished and offered for sale on the private market, via local real estate agents.

Stage three of the scheme would see the creation of new lots and group housing sites in areas which were currently not used.

The future of these lots would be a combination of Homeswest rentals and private development.

The remaining single detached rental properties in Withers would be offered to tenants under the Right to Buy scheme and those that were vacated would be available for sale to the public.

"This plan will see Homeswest's presence in Withers reduced from 88 per cent to between 15 and 20 per cent," Mr Prince said.

This proven policy would reduce the social problems which had stemmed from having too much public housing in too small a space.

"Withers will become a far more attractive place to live, both for Homeswest tenants and the new private sector residents," the Minister said.

"This imaginative scheme will give a big boost to the suburb and offer great benefits for the rest of Bunbury.

"Consultation with local people, politicians and the City of Bunbury had been most important to the redevelopment project and the results will be witnessed by all as the transformation of Withers takes shape."

Media contact: Peter Harris (09) 366 0300/(09) 222 9595