Western Australia’s resource boom has been a catalyst for the development of several major commercial developments in the capital, Perth.
Major resource companies such as Rio Tinto, Shell, BHP Billiton, BP, Woodside and Chevron have contributed to a construction boom for premium-grade commercial offices.
According to Knight Frank’s Perth CBD Office Report, vacancy rates for premium-grade office space have declined over the past year. This is largely due to the desire of tenants to occupy higher grade office space at a time when softening rents, rising incentives and increasing rent-free periods are providing some favourable leasing options.
Here we look at four of the most notable office developments which are redefining the western capital’s skyline:
Developed by Brookfield and designed by architectural firm Hassell, Brookfield Place was a recipient of the Property Council of Australia’s highest honour, the 2014 Development of the Year award.
Located at 125 St Georges Terrace, the A-Grade, 45-level office tower has recently seen BHP Billiton take up residency here.
Developed by Leighton Properties, Kings Square includes the redevelopment of a one hectare parcel within the $5.2 billion Perth City Link master development.
The site sits on top of Perth’s primary transport hub – the underground train station and at the junction of four commuter cycle paths. It is also in close proximity to the city’s entertainment and cultural precincts including the newly completed Perth Arena and Northbridge’s William Street and Perth Cultural Centre.
It will comprise at least four A-Grade office buildings located in an emerging precinct. The four office towers – KS1, KS2, KS3 and KS4 – are due to be finished from mid-next year.
Leighton Properties have already pre-committed major tenants including Shell Australia, HBF and Leighton subsidiary John Holland.
The project has been the recipient of significant federal, state and local Government investment including improved public transport connectivity.
When finished, Perth City Link’s 244,000 square metres of commercial space will be the workplace for 13,500 people, along with 1,650 apartments housing 3,500 people.
Purchased by Charter Hall Group, Telstra Super and the Canadian Pension Fund PSP for $458 million, Bankwest Place is an iconic asset featuring several distinct components which integrate to create a unique city environment.
The complex occupies a 1.2 hectare city block on Murray St and comprises a 43,500 square metre A-Grade office tower which is fully leased to the Commonwealth Bank for 12 years.
Elizabeth Quay is the centrepiece of a bold plan by the Western Australia State Government to revitalise the city of Perth and embrace the Swan River.
Estimated at a cost of $2.6 billion, the MRA project will offer a mix of residential, commercial and retail.