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The Western Australian Government has allocated $16.6 million to progress the proposal for the redevelopment of the Perth Convention and Exhibition Centre aimed at transforming Perth's waterfront and creating a long-term economic boost for the state.

With the WA Government having considered the concept proposal, further work is now required through the Project Definition Phase to ensure the project is properly scoped and costed before agreements are reached.

PCEC was built in 2004 and is the oldest convention centre in Australia not to have had a major redevelopment. It is leased by Wyllie and Brookfield until 2039 - with Wyllie and Brookfield - as the joint venture - working with the State Government to explore redevelopment opportunities.

The project would create an impressive waterfront precinct on the Swan River, with a world-class and highly competitive convention space to attract major business events to WA.

It would deliver a new tourism and hospitality hub for Perth which includes improving connectivity to Elizabeth Quay, showcasing the Swan River and Kings Park, and delivering a new public realm including outdoor theatre on the Swan, as well as new public waterfront facilities and new food and beverage venues.

The existing convention centre building would be significantly refurbished to increase capacity and capability to attract new major business events, while development opportunities would be provided for a new premium hotel, residential apartments across the affordability and accessibility spectrum, and commercial and innovation space.

WA Premier Roger Cook noted "Our goal is to make the most of this stunning location.We have the opportunity to create a new tourism and economic hub for Perth.

"The redevelopment can showcase Kings Park and the Swan River while providing new waterfront facilities, housing, tourism and hospitality venues, and thousands of new jobs.

"Attracting events, fostering innovation and boosting tourism is a key part of our vision to diversify the economy for WA's future."

WA Tourism Minister Rita Saffioti added "our beautiful waterfront has so much potential, and this exciting proposal certainly presents an opportunity to cement our city's status as a world-class destination to visit and do business.

"A redeveloped Perth Convention and Exhibition Centre will no doubt boost our efforts to continue growing tourist numbers, generating millions in visitor spend and diversifying our economy.

"Business tourism in particular is very lucrative, and we're keen to capitalise on the fact they generally spend up to five times more than the average tourist, by attracting more business events to Perth with a state-of-the-art convention centre."

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