The Western Australian Minister for Ports, Hon David Michael MLA, has announced an extension of the Port Hedland Voluntary Buy-back Scheme (PHVBS) term for a further two years to 31 December 2025. HMI 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. The valuation mechanism will also be modified to determine an offer price for property owners selling their properties. From 1 January 2024 offer prices will reflect the application of an indexation that will adjust the base price by reference to any movement in property prices within the Town of Port Hedland outside of the West End. Annual increases in the indexation 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 Improvement Scheme. Funding from the PHVBS will be available for future development in the Town of Port Hedland, with a contribution of $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.  I look forward to sharing future updates and announcements as those plans progress.

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