Investment Facts
Key Investment Facts
The next stage of the Geraldton boom is said to be on the back of $6 billion of large infrastructure projects. These driving forces include the Oakajee Port project, the Southern Corridor Highway upgrade, the Coolimba Power project and the proposed Square Array Telescope development. Also in the mix is the $29 million project to transform the city’s beach promenade. For a more detailed description of these projects see below.
Geraldton has been named by many to be Australia’s next big boom town, and none better recognised than Terry Ryder, Director of renowned www.hotspotting.com.au (March 2008). In Terry’s boom town report he named Geraldton as one of his top twelve picks and suggested there’s a good chance Geraldton will see ongoing price growth. To purchase a copy of this report please click on the following link www.hotspotting.com.au
With this boom the Geraldton Iron Ore Alliance expect to see Geraldton’s population surge from 33,000 to 53,000 within the next decade. This fast paced growth will not only increase the base population, but bring with it a steady influx of corporate guests and visitors of family and friends all seeking accommodation.
Oakajee Port Project - The proposed Oakajee port and associated rail facilities is a $3 billion project. It appears certain the project will go ahead with tender having closed earlier this year in May. It’s desperately needed as world demand for iron ore grows. Geraldton’s existing port in the meantime is coming under huge strain trying to cope with export demand. The proposed development, about 20km north of Geraldton, will involve the creation of a new port and rail links to the mines to the east. It’s expected to handle the export of 45 million tonnes of iron ore annually over the next 20 years, with potential to do more if other mining projects get underway. It is hoped construction can start before the end of 2008 for completion in 2011. This project is likely to have a big impact on population and property growth over the coming years.
Coolimba Power Project - Another big development likely to impact on Geraldton is the $1 billion Coolimba Power Project by Aviva Corporation at Eneabba, about 120km south of Geraldton. This will be a 400-megawatt power station fueled by the Central West Coal deposit 20km south of Eneabba and designed to service the power needs of the expanding mining operations in the Mid West. Aviva says its hopes to start construction in 2008 for completion in 2011.
Foreshore development - The $29 million Geraldton foreshore development aims to transform the city’s promenade and foreshore to give it a better aesthetic appeal. The retail outlets located on the promenade will be repositioned to face the beach where as before they were facing away from the beach.
Southern Corridor stage 2 - Work on the $88 million Southern Transport Corridor was completed in late 2005 and provided a new direct transport link to the Port of Geraldton for both road and rail. Construction was expected to commence in late 2008, with the road scheduled to be open for traffic in 2010. When completed, the $63million project will provide many benefits to the local community and industry both within Geraldton and the wider Mid-West region. The transport corridor will provide a direct east-west link to the Geraldton Port and an alternative route for freight vehicles, which will improve access and efficiency for the transport industry.
Square Kilometre Array Telescope - Australia is in the final stages of the bid competing with South Africa to host the $2 billion facility. The project involves the development of an international radio telescope nearby Geraldton with a total collecting area of one square kilometre. The SKA will be the world’s premier instrument for astronomical imaging and its uses will include probing back in time to investigate the origins of the universe and the formation of galaxies.