The first batch of sales contracts have been executed by Hedland Maritime Initiative under the Port Hedland Voluntary Buy-Back Scheme.

Hedland Maritime Initiative (HMI), the company created to administer the Port Hedland Voluntary Buy-Back Scheme (PHVBS) and facilitate the planning and development of a Maritime Precinct, confirmed its first batch of sale contracts have been executed.

Pilbara Ports Authority and its wholly owned subsidiary HMI have been in contact with hundreds of eligible property owners since last July.

As at late June, more than 69 per cent of eligible property owners are engaged in the PHVBS process according to HMI Managing Director Karlene Byland

She said an increasing number were choosing to participate in the PHVBS process, and signed contracts were proof of the scheme’s merits.

“After months of planning and discussion, I’m delighted that HMI has now acquired 11 properties and a further 22 sales contracts have been signed in the last couple of months.”

“The PHVBS provides an option to residential property owners – each of whom will have their own reason for wanting to participate – and we are proud to be able to offer a commercially attractive, government-guaranteed market price to those interested in taking it up.

“HMI acknowledges that each property owner has unique circumstances, and we are on hand to discuss their specific requirements and to offer them support by providing timely and accurate information.

“I hope the news of sales proceeding will encourage those who may have had misgivings about the PHVBS to engage with the HMI team,” she said.

When asked why they chose to sign the contract, the first property owner to accept an HMI offer noted the generous 35 per cent premium and the added benefit of the indexation factor.

“Our experience with the PHVBS was good, and the financial outcome for us was positive,” they said.

Eligible property owners can engage with HMI at any time without any obligation to sell their property. By engaging, they are guaranteed to experience a discovery process with alternatives, flexibility and quality support provided by the HMI team.

HMI continues to work with property owners, local businesses and the local community to facilitate new economic activity and support the Government’s goal of revitalising the town’s West End.

Creating an attractive maritime hub of international standing and a Maritime Precinct for everyone is the ultimate goal.

For more information, visit the Hedland Maritime Initiative website.