Hedland Maritime Initiative celebrated the end of its first year with the signing of its 101st property acquisition through the Port Hedland Voluntary Buy-Back Scheme — and interest has continued in to 2022.

As of February 28, 120 properties had been acquired.

Hedland Maritime Initiative Managing Director Karlene Bylund said it was fantastic to reach the century milestone in PHVBS’s first year of operation.

“It’s fantastic to see the growing participation in the PHVBS, with over 100 properties acquired in the first 12 months of the scheme operating. This growth has continued into the new year, with 215 offers issued to date,” Karlene said.

By the end of February, of the 425 eligible properties, 230 offer letters had been issued, 315 properties were involved in the PHVBS process, and 60 per cent had been or were being valued.

Owners of less than 1 per cent had declined an offer and 3 per cent were delaying participation until further indexation is applied.Participating PHVBS owner Sam Lane said the acquisition process was clear and timely, with good progress made once the valuations were completed.

“Highlights of the scheme were the indexation and premium components of the offer that we hadn’t factored in – the financial outcome for us was very positive,” Sam said.

The residential properties acquired by HMI are located throughout the proposed Maritime Precinct.

The HMI Masterplan envisages redevelopment of the area as a ‘kit of parts’ long-term project, that is only partly dependent on participation in the PHVBS.

Karlene said that HMI is continuing to provide regular updates on the progress of the PHVBS and Maritime Precinct development to industry, government, indigenous representatives and community members.

“Discussions are progressing well with stakeholders, with plans underway for some of the iconic developments identified for the Maritime Precinct, including a new Seafarers’ Centre and a proposed Pilbara Training College,” she said.

The Maritime Precinct is envisioned to be a unique and attractive maritime hub of international standing, that will increase visitation and other economic activity for the benefit of the Port Hedland community.

For more information visit the HMI website.