Link deal fails

THE pricey $5 billion City Link project is at a loose end after the Metropolitan Redevelopment Authority cancelled plans to work with Mirvac Group who’d been developing eight major lots near the horseshoe bridge.

The lots were meant to be the you-beaut centrepiece of the urban renewal project, but the two parties couldn’t reach a “satisfactory agreement”.

In a sanitised announcement titled “land sales update and EOI temporary activation opportunities,” the MRA quietly announced its board had “terminated the sales process for a master developer for eight lots at Perth city link”.

Market conditions kept changing and the economy got less sturdy, and eventually the MRA said the agreement wasn’t “consistent with our initial expression of interest” and did not deliver “value for the WA taxpayers” according to a release from MRA chairman Richard Muirhead.

They’ll instead try to sell off the land in smaller lots, and in the meantime are planning temporary pop ups to keep things lively.

by DAVID BELL

934 Tim Hammond 10x2.3

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