The conjecture and secrecy surrounding the South Fremantle Power Station for years subsided somewhat on Thursday.

WAtoday is reporting that prominent Perth businessman Kerry Stokes has signed a conditional agreement to take over the site.

Two people with knowledge of the deal confirmed on the condition of anonymity that Stokes was the proponent who had signed a conditional agreement with site owner Synergy to purchase and redevelop the historic site located in North Coogee on Perth’s southern coast.

WAtoday understands the media mogul’s family investment vehicle Australian Capital Equity is behind the deal, meaning Stokes is engaged in plays for two separate state-owned historic power station sites.

Negotiations are ongoing between him and Andrew Forrest’s Tattarang to purchase the East Perth Power Station site.

Former Fremantle mayor and Greens member for South Metropolitan Perth Brad Pettitt told Gary Adshead, in the 6PR Mornings chair for Liam Bartlett, said there many issues to consider when developing the site, but transparency was the key for Stokes.

“He should come out and say ‘here’s what I’m doing’ and be quite clear about that,” he told Adshead.

“Because when things are done behind closed doors, in secret, people legitimately ask ‘why wasn’t this made transparent’?”

LISTEN 👇 to the outcomes Pettitt would like to see at the site