Woolstores shopping centre owner EG Funds Management has gone quiet on its development plans.
After proudly talking up its vision for Fremantle two years ago, the company has failed to respond to numerous attempts by the Herald to find out why there didn’t appear to be any progress.
Piquing the Chook’s interest was EG’s decision in July to flog the two old Toyota caryards on Queen Victoria Street.
Back in July 2010, the company’s former WA manager Alex Banzic told the West Australian he was keen as mustard to develop the two sites into a mix of retail and residential.
“The reason we bought it was because we wanted to develop it (but) the current zoning really doesn’t allow for any,” Mr Banzic had told the West.
Zoning was also cited as holding up EG’s Woolstores vision, which originally included three 18-storey towers. The council’s Amendment 49, which paves the way for 10 storeys on the site, was gazetted in January. The project also isn’t included in the $1 billion of projects mayor Brad Pettitt says are heading Fremantle’s way. That means council staff aren’t actively in discussions with EG, but Dr Pettitt says Coles has a lease on the site until 2015, so he wouldn’t expect anything this early anyway.
Asked about the sale of the Toyota sites, Dr Pettitt says that fits the company’s profile. “I think it’s fair to say that EG are property investors, not developers. As investors I think what they do is they go in and then get the conditions right, and maybe a [development application] in place and then they sell the property on.”
by STEVE GRANT
They were also one of 4 companies that put in a tender for the Department of Housing. Leaving Fremantle is more than likely an indication that they didn’t get the response they were looking for and therefore cannot see a future in Fremantle. This is further evidence that the future as spruiked by Brad Pettitt is flawed as it is heavily relying on the government to push the Department of Housing to Fremantle, when clearly the governments goal is to look for the best outcome for Western Australia as a whole, and these tenders aren’t delivering up the savings as expected.
Marks should go to Hon. Simon O’Brien, though who as Minister initiated a push to revitalise Fremantle.
My grandad david mccaskie ran the woolstores for 58 years and I would like to know what is happening to the building as this is my white aussie culture I pass on too my 3 aussie kids .thanks trina hall 0406759489