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The Western Australian Government has announced Australian Capital Equity and the Minderoo Group as the preferred proponents to progress the $218 million transformation of the landmark East Perth Power Station.

Kerry Stokes's Australian Capital Equity and Andrew Forrest's Minderoo Group will undertake the long-awaited redevelopment which will transform the former industrial site into a mix of new residential, commercial, recreational and tourism opportunities and provide public access for the community.

Coinciding with the announcement of the developers, the Western Australian Government has released the first artist's impressions of the proposed redevelopment, portraying a bustling precinct inside and out.

Declaring that announcement marked a significant milestone in the revitalisation of the landmark site of the former coal-fired power station, Western Australian Premier, Mark McGowan stated "this kind of project has been talked about for years, and now it's finally coming to fruition.

"This project will create and support local Western Australian jobs and deliver a new, vibrant precinct on the banks of the Swan River that will become a prime destination for locals and tourists alike."

The Australian Capital Equity and the Minderoo Group partnership was one of five shortlisted proponents arising from a competitive process that included Expressions of Interest and a Request for Detailed Proposal.

The project will celebrate the heritage of the power station building, which closed in 1981, providing public access for the community and delivering social and cultural benefits for all residents and visitors.

The site is within walking distance of the East Perth train station and presents new housing opportunities with access to both public transport and the Swan River.

The Western Australian Government has committed $50 million to prepare the site for redevelopment.

Western Australian Lands Minister, Ben Wyatt added “close to four decades after ceasing operations, the old East Perth Power Station is set to once again play an important role in our city as the heart of a thriving, modern, master-planned waterfront precinct.

"This development will also complement Perth's world-class Optus Stadium and the new Matagarup Bridge.

"Australian Capital Equity and Minderoo Group will now enter into an Exclusive Working Period with DevelopmentWA, to refine details of their joint proposal for the precinct."

Images: The first artist's impressions of the planned $218 million redevelopment of the East Perth Power Station. (Supplied: Kerry Hill Architects).

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