“It will then compete in the Sydney-Hobart and then make its way to Albany to prepare for this new event.

“It will be co-skippered by Fedor and an Australian skipper – probably Mark – and be crewed with a mixed Australian and Russian crew.

“A high-speed multi-hulled maxi would do it in about 15 days.

“An average-sized high-powered yacht with a crew would take 35 to 40 days.

“They would be back by the end of May and – after a short layover – could compete in the Antarctica Cup if they chose to.”

Mr Williams said he would lobby all levels of government to ensure the new event lived up to its potential.

“I need to get the attention of the State and Federal Governments to do this,” he said.

“These two epic events, coupled together, need the support of tourism and sports arms of government to do them justice.”

Albany Chamber of Commerce CEO Graham Harvey welcomed the announcement. He said the twin events could inject millions of dollars into the economy.

“Each yacht would require a sizeable support team to be based in Albany for an extended period, so the prospects for local business are exciting,” he said.

“Events such as this also put pressure on developers of accommodation facilities to realise their plans because the longer they wait, the more opportunities they are missing.

“Using standard tourism multipliers, the ACCI has calculated the demise of the Esplanade Hotel is costing Albany between $8 million and $10 million each year.”

Mr Williams said a new media vessel to follow both events would have more spin-offs for Albany.

“What we’ll add to both races is a 110 foot long high-speed catamaran to act as a media support vessel,” he said.

“It will travel ahead of the race, carrying media crews and documentary-makers. It will also carry marine scientists to study the waters and wildlife of Australia and Antarctica.

“People like the Australian Antarctic Division face enormous costs and are looking to sailpower as an alternative.

“It gives Albany a real connection with Antarctica, apart from the event itself.”

Safe mooring would be needed for the million-dollar yachts entered in the Great Australia Ocean Race.

Tenders were called in August for Stage Two civil works of the waterfront development. Submissions are being assessed to select a preferred tenderer.

Site works to the eastern side of the jetty and construction of the breakwater and marina would then start.

The harbour would be protected by two breakwaters with a total footprint of 2.25ha.

One breakwater would contain a widened and extended Albany Town Jetty. The other would separate the marina from the existing tug boat harbour.

The marina would have 130 boat pens, including large pens for charter operators, and be built in two stages.

The jetty is listed on the State Register of Heritage Places and is the oldest in WA which has been in continuous use.

LandCorp said the new breakwater alignment had been chosen to retain sections of the jetty.

The EPA issued its report on the project on September 8, followed by a two-week appeal period against the level of assessment.

No appeals were received, and the EPA issued its recommendation for approval to the Minister for the Environment.

The EPA has recommended the project be approved subject to site monitoring conditions.

It is anticipated works would start on site within eight weeks of receiving the final approval from the Minister.

EPA chairman Paul Vogel said it had concluded the proposal could be managed to meet the EPA’s environmental objectives, provided there was satisfactory implementation by the proponent of the recommended conditions.

“As long-term residents of Albany would be aware, industrial discharges last century polluted Princess Royal Harbour with lead and mercury causing the closure of the western end for fishing from 1984 to 1992,” Dr Vogel said.

“While the discharges have long since ceased, there are still pollutants in the harbour sediments in the area of the proposed development, so the EPA assessed the proposal with utmost caution, requiring an independent consultant to review data supplied to the EPA.”

“While mercury levels in sediment are not expected to pose a significant risk to human health, mercury in water will be tested and monitored during construction and operations and mussels will be monitored to ensure that contaminants are not entering the food chain,” Dr Vogel said.

“The EPA also supports the separation and disposal of sediments with higher concentrations of mercury, found mainly one to two metres below the sediment surface in shallow waters at the western end of the excavation area, to a Class 1 landfill.”

After more than 20 years of debate, development began last September after the State Government awarded a $3.8million contract for Stage One to Bunbury-based, APH Contractors.

But after the sea wall was completed and land levelled, no other work was done while the environmental process was undertaken.

Plans for the 6.6 hectare protected harbour include deepening by removing about 15,000 cubic metres of sediment.

LandCorp’s Environmental Protection Statement for the development found there would be several negative changes to the water environment.

The construction of a solid breakwater to create the protected harbour will alter the current water movement in the area and reduce the water exchange within the sheltered harbour causing direct seagrass losses.

However, the loss of seagrasss would be offset by replanting 0.4 ha of seagrass elsewhere in the harbour.

Potential sites for seagrass rehabilitation close to the project area have already been identified.