Friday 30 July 2010

The WA Cricket Association is poised to fund its future through a massive residential and commercial development with the confines of its iconic ground.

The WACA has been granted approval from local development authority to build four 20-storey residential and commercial towers, one ten-storey commercial block, and an eight-storey residential development within the WACA precinct.

Members voted overwhelmingly in favour of the move when it was put to them on Wednesday night.

It means construction of the first tower could begin as early as next March.

While the capacity of the ground is expected to be reduced to 18,000, the WACA is confident the profits generated from the redevelopment will fund the future of WA cricket.

"For WACA members to vote overwhelmingly in favour of the planned redevelopment is one of the most significant events in the history of cricket in this state," WACA chief executive Graeme Wood told AAP.

"The redevelopment of the WACA Ground will be achieved without taxpayer or Government contributions and provide the best return on investment in the use of WACA land.

"We will also be able to accommodate a world-class indoor and outdoor training facility for elite representative teams within the confines of the WACA Ground and continue to play interstate and international cricket at the venue.

The Australian Taxation Office ruled the redevelopment would not jeopardise the WACA's tax-free and not-for-profit status for the next 10 years.

"We are masters of our destiny to develop a 21st century stadium and establish cash reserves for Western Australian cricket for decades to come,” said WACA chairman David Williams.