• 101 eligible properties sold to Hedland Maritime Initiative
• Over 42% of eligible residential property owners have received an offer
• Maritime Precinct work focused on new economic opportunities

Hedland Maritime Initiative has celebrated the end of its first year with the signing of its 101st property acquisition through the Port Hedland Voluntary Buy-Back Scheme (PHVBS).

In addition to the 101 properties settled, owners of a further 30 properties have accepted offers, with more in the pipeline.

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

“It’s been a busy 12 months, with HMI engaging with hundreds of owners who are in various stages of the voluntary buy-back scheme,” Ms Bylund said.

“There has been strong interest in the scheme, with 59 per cent of the eligible West End property owners requesting valuations, and less than one per cent of participants declining offers to date.”

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,” Mr Lane 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.

Ms Bylund 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.”

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.