P10 · Funding

Funding and the decision to proceed.

FRSA's project charter lists what it needs for a Stage 1 investment decision.

FRSA's stated requirements

What its charter calls for

Detailed Stage 1 costs and a timetable, civil designs and Shire approvals, and progress on construction tenders. For funding, FRSA lists donations and pledges, a contract to sell its Armadale school property (subject to conditions), and in-principle debt support.

See the Oakford project figures

Stage 1 estimate

FRSA's October 2025 charter estimated construction at $50–70 million. It described this as an early estimate including escalation and contingency.

Fundraising estimate

FRSA's Oakford pledge form estimated $25–30 million to be raised in donations and pledges over the project. This is a target, not a statement of cash received.

FRSA's stated target

Final Investment Decision targeted for September 2026

Stage 1 costsCivil approvalsConstruction tendersDonations & pledgesArmadale sale contractDebt support

The target concerns FRSA's own decision to invest. Construction depends on separate planning, approval-condition and permit steps.

Evidence basis: FRSA's October 2025 Project Charter and Scope, executive summary and section 10.2, for the Stage 1 estimate and decision requirements; its Oakford pledge form for the fundraising estimate; and its Oakford project page for the stated decision month. The charter sets out FRSA's own requirements; it does not establish their completion.