Fremantle’s $97.5 Million Question?

pile of money

Recently we saw on City of Fremantle’s the CEO’s response to questions that have been raised by residents of Freo.

Now it’s fair to assume that this response would contain actual answers, well that would be just that, an assumption, as it had a lot of words but if anything raised more questions.

New questions;

  1. Who made the $97.5 million valuation, was this part of the top secret leedwell business case, is this one of those amazing trade secrets that leedwell needs the city to keep secret? Did this figure come from the city or leedwell?
  2. How is that the building that has not been built yet will double in value in 20 years when the queensgate building which was actually earning $750, 000 a year in revenue is now worthless ( according to the CEO), make sense, no I don’t get it either?
  3. Now the council building we have has depreciated so far it almost worthless yet the one that is only a plan will double in value, clear?
  4. If the Building is going to double in value in 20 years as stated by the CEO, we should spend a $100 million, then we would have $200million in assets, right, no I didn’t think so either?
  5. Why is the library underground in the cellar, well perhaps so they can try and lease out the street level to cafes and shops, well at least you can’t a coffee to keep u warm before u go underground?
  6. Is it the Magic $97.5million figure that gives a $4million+ NPV? is the $97.5 millions correct in relation to the positive NPV they state?
  7. I wonder if the Mayors magic money figure referring the town hall takes into account the value of money comparable from the 1800’s to today, not to mention the generations of repair cost, not that he would know anything much about spending on repairs to our town hall?
  8. How long before a residential factor is brought into the Kings Sq development?
  9. How long before we find out if the DOH is coming to Freo?
  10. Who made the $97.5million dollar figure, ask already I know but it’s the one that counts?
  11. Last week the council discussed requested changes to the point st project for the Hilton site, it appears they are struggling to get retail tenants for the that block, that said I wonder if a site with a Hilton hotel going in  is struggling for lessees where that would leave the city of Fremantle with their Kings Sq leases?

Good news though since COF first approved the 1st points st plans the developer has increase about


at least someone has a sense of reality. Still hundreds below the requirement but an improvement anyway.

Here is the COF Kings Sq site link have a read of the CEO’s response, see if it makes sense, don’t be too concern if you find its confusing, it as it certainly doesn’t answer the questions raise? Still its important you have a read and make up your own mind, that’s hard since they are still hiding documents from us, but we just do the best we can with what’s available as it is $45million dollars of our money?

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