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Legislative Assembly for the ACT: 2001 Week 9 Hansard (23 August) . . Page.. 3275 ..

MR HUMPHRIES: Mr Speaker, section 10 (3) (b) of the Kingston Foreshore Development Act 1999 requires that, as the responsible minister, I present a statement of the particulars and reasons for the stage 1A joint venture.

The Kingston Foreshore Development Authority expects stage 1A to set a quality benchmark for subsequent development stages and favours a joint venture to ensure effective control of design and building standards. In this regard the joint venture partner has been carefully chosen to provide important expertise in project management of major urban development projects. The joint venture is also expected to reduce the call on government funding to service the land by achieving a commercial rate of return.

On 7 February 2001, the call for expressions of interest was advertised nationally for prospective private sector participants to form a joint venture with the Kingston Foreshore Development Authority to develop stage 1A. To ensure the process was duly carried out, the Kingston Foreshore Authority engaged PricewaterhouseCoopers Legal as probity advisers and Deloitte Touche Tohmatsu to provide financial advice.

Following a tender process that included all the parties that had lodged expressions of interest, St Hilliers Pty Ltd were selected by the authority to participate in the stage 1A joint venture. The authority board considers that the St Hilliers proposal clearly represents the best overall value to the territory from both commercial and design perspectives.

The Kingston Foreshore Development Authority board found St Hilliers to be commercially sound and experienced in developing quality medium-density projects, having successfully delivered several joint ventures in similar public/private sector projects interstate.

The proposal will provide around 189 residential dwellings and 800 square metres of commercial space, and has been assessed by an expert panel to contain standards in urban design and ecologically sustainable development principles that will serve as appropriate benchmarks for future development stages.

In agreeing to develop stage 1A as a joint venture, the authority has undertaken a thorough analysis of the financial, market, legal and operational risks. This is an unincorporated joint venture that is based on sound commercial principles to provide an acceptable financial return whilst prudently managing debt and risk exposures.

I present the following paper:

Kingston Foreshore Development Act 1999, pursuant to section 10 (3) (b)-Kingston Foreshore Development Authority Stage 1A Joint Venture.

I move:

That the Assembly takes note of the paper.

Question resolved in the affirmative.

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