Experienced Perth Commercial Leasing agents Knight Frank and CBRE have been appointed to find dynamic organisations with whom long term partnerships can be formed. The Asset and Property Management is the responsibility of the Landlord’s representative – Gapman and Associates.
CURRENT MARKET CONDITIONS
Perth’s CBD vacancy rate released recently (July 2019) was measured at 18.4% – down from 22.5% in June 2017.
Prime effective rents have increased by 9.5% and the lack of premium space availability will drive demand in A Grade. Knight Frank Research indicates that A grade space shouldn’t be treated as equal with large differences in age, floorplate size and external glazing impacting upon desirability to potential tenants.
The prestigious areas from Hay Street to Elizabeth Quay have the lowest vacancy rate at 13.5%. The report forecasts that premium incentives would fall to 30-35% in 2020. CBRE rental forecasts in August 2019, show A grade incentives dropping from 52% to 40% in 2021 and rentals increasing from $520 to $555.
On site property management, amenity and landlord involvement have contributed to the building being one of the best performing assets in the CBD.
LEASING AVAILABILITY and RATES
The building is one of 5 buildings fully leased in the CBD, and the opportunity on the Top Floor is a compelling proposition for tenants seeking a rapidly reducing “flight to quality” availability.
The rental is market related at $575/m2 with variable outgoings at $159/m2.
Flexible market incentives can be negotiated with the Landlord – and can be taken as a contribution to fit-out; rent rebate; rent free or a combination of all 3. The level of incentive will be dependent on the lease term and start date.
The building core design allows for an ability to partition the floor into 2 sections of 450m2 whilst still maintaining the unique features of views and natural light.
DESIGN SCOPE / FLOOR PLANS
The design of the building allows for flexibility in design and a number of office fit-out floor plans have been created by Design Consultants such as State 28; IA Group; and MKDC, who have collaborated with tenants to create optimal designs relevant to current trends and expectations including collaborative and flexible workspaces.
Clicking on any of the options below will open up a corresponding notional floor plan and provide a prospective tenant an idea of what can be achieved applying proven and current design techniques.
TENANT RECEPTION AREAS
The final merger of government developer Landcorp and the Metropolitan Redevelopment Authority into a new planning entity, Development WA was announced in Sept 2019.
Development WA’s mission is to design and develop connected communities, a prosperous industry and create resilient regions across the length and breadth of Western Australia.
Saracen Minerals Limited – 930 m2
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