$30 million in Pelago East

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01 Oct 2014 - The Barnett Liberal-National Government has left WA taxpayers exposed after investing $30million in Pelago East in Karratha .

Over $30 million of Royalties for Regions money was used by the Liberal-National Government to buy 50 units in the 174-apartment Pelago East tower.  $24 million of the money was paid upfront in order to get the development underway. 

The Government currently has 28 units sitting vacant that they are unable to sell.  The other 22 units are currently being used to house Government employees. 

The decision to invest the money was made in June 2012 after the property market had peaked and property prices were declining.    

The failure to sell the properties has resulted in $124,000 in further costs to the State Government including water rates and strata fees.  

 

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