Ports Minister David Michael has announced an extension of the Port Hedland Voluntary Buy-back Scheme term for a further two years to 31 December 2025.
Hedland Maritime Initiative will continue to administer the PHVBS for the extension period with some changes to its operational terms to provide the opportunity to increase the take-up by eligible property owners.
The type of properties eligible under the PHVBS will be expanded to include specific non-residential properties located on lots that are otherwise fully eligible – for example, shopfront businesses or short-stay accommodation operations in residential apartment blocks where HMI has already acquired properties.
The valuation mechanism will also be modified to determine an offer price for property owners selling their properties. At present, valuation is based on the 2019 benchmark amount, with a 35 per cent premium, plus an annual increase of between zero and four per cent, as determined by an independent valuer. This will be modified so that any future downturn in market value for properties in the Town of Port Hedland will be reflected in the price offered. Annual increases will remain capped at four per cent.
During the next phase of the PHVBS, planning for the redevelopment of the West End precinct will begin. The WA Planning Commission, supported by the Department of Planning, Lands and Heritage, will facilitate the progression of structure planning in line with the provisions of the Port Hedland West End Improvement Scheme 1. Funding from the PHVBS will be available for future residential development in the Town of Port Hedland, with a contribution of up to $22 million.
The continued progress is pleasing as we focus on the future and development of HMI acquired properties. The HMI team is collaborating with committed stakeholders, working together to plan the next uses of properties and the facilitation of new and diverse opportunities for the area.
If you are interested in selling your property to HMI the team can be contacted on 9174 6900 or via email at phvbs@nullhedlandmaritime.com.au.