WACA Members approve development

The final hurdle to the WACA’s Development Agreement with Ascot Capital Limited has been cleared tonight with WACA Members voting overwhelmingly to proceed with the planned redevelopment of the WACA Ground.

The resolution, put to Members at a General Meeting held in the Boundary Room at the WACA Ground, was passed with 95% approval.

Tonight’s vote was three and a half years in the making and recognises the hard work put into the Development Agreement by WACA Board members, senior managers and administrators, along with Ascot Capital Limited and project architects.

Prior to commencing the redevelopment of the WACA Ground, three conditions were precedent to the Development Agreement – the first was reached in July 2009 when approval was gained from the East Perth Redevelopment Authority for height and mass to allow four 20-storey residential and commercial towers, one ten-storey commercial block, and an eight-storey residential development to be built within the WACA Ground precinct.

The second was receiving a crucial ruling from the Australian Taxation Office which confirmed the WACA’s tax-free and not-for-profit status for a further ten years, in light of the proposed redevelopment. Finally, approval was to be gained from WACA Members to proceed with the project.

Under the Development Agreement, the WACA Ground is set to be transformed into a stunning venue for international and domestic cricket, along with residential and commercial opportunities, while outdoor and indoor training facilities for the Warriors, Western Fury, and other representative teams are also included.

Significantly, the redevelopment will enable cricket to retain its spiritual and historical home at the WACA Ground, continuing its tradition as an iconic world sporting venue for well over a century.

WACA Chief Executive Officer Graeme Wood said tonight’s outcome would ensure that it is a landmark day in the history of the Association.

“For WACA Members to vote overwhelmingly in favour of the planned redevelopment is one of the most significant events in the history of cricket in this state,” Wood said.

“The Development Agreement with Ascot Capital Limited secures our famous WACA Ground as the home of cricket in Western Australia, and also goes a long way to shoring up the financial future of the game in WA.

“The redevelopment of the WACA Ground will be achieved without taxpayer or Government contributions and provide the best return on investment in the use of WACA land.

“We will also be able to accommodate a world-class indoor and outdoor training facility for elite representative teams within the confines of the WACA Ground and continue to play interstate and international cricket at the venue.

“I am certain that all Western Australians will agree that this development is a win-win all round for WA sport.”

WACA Chairman David Williams said: “Tonight’s decision was the culmination of over three years of work by the WACA in concert with Ascot Capital Limited.

“This is a unique development marrying commerce and cricket in a residential precinct with the iconic WACA Ground as its heart.

“Now the real work stars, and we will be aiming to commence construction in March 2011 following an exciting Ashes summer of cricket.

“We are masters of our destiny to develop a 21st century stadium and establish cash reserves for Western Australian cricket for decades to come.”

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