11/11/2020 - 06:38

$1b revamp for Mill Green Complex

11/11/2020 - 06:38

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ASX-listed GDI Property Group has lodged plans for a new office tower and a revamp of buildings within its CBD Mill Green complex, proposing a new business and social precinct.

The redevelopment will feature a new 33-storey tower (above, left) as well as retail, entertainment and childcare facilities. Image: GDI Property Group

ASX-listed GDI Property Group has lodged plans for a new office tower and a revamp of buildings within its CBD Mill Green complex, proposing a new business and social precinct. 

The Sydney-based group has lodged a development application for what it says will be a $1 billion development that comprises a new 33-storey tower at 1 Mill Street, and upgrade works at the complex’s remaining office buildings at 5 Mill Street and 197 St Georges Terrace. 

Once approved, GDI said it expected to complete the precinct in FY2024. 

GDI managing director Steven Gillard said the development presented a rare opportunity for one project and one developer to transform almost an entire city block for the future.

“The west end of the CBD is the resources quarter and it is recognised as the powerhouse of the city and its underlying economic influence on the state of WA,” Mr Gillard said. 

“Mill Green would be the ideal new home for a major business headquarters, significant government office space or even the creation of a world-class, dedicated professional hub that will further place Perth on the map for global industry.

“GDI has taken the strategic approach to not just build a tower, but to take the opportunity to adopt a precinct masterplan approach to deliver a CBD landmark tower, reposition the two existing key office buildings and a vibrant new retail and community quarter.”

The development application includes plans for a 40,000 square metre 33-storey office tower, broader precinct works to 5 Mill Street, which will feature a food and dining precinct, as well as gym and childcare facilities, inner-city garden areas, an amphitheatre and entertainment area, among other features. 

“Over the past several years we have seen the revamp of parts of the eastern side of the CBD, such as the development of Elizabeth Quay, however, the western end has been somewhat overlooked,” Mr Gillard said. 

“GDI changes that with its investments into this key part of the CBD that will help with Perth’s COVID recovery and ongoing revitalisation.”

The Mill Green redevelopment is the second Perth CBD project GDI has proposed this year; in September the group lodged a development application for an 11-storey timber-steel hybrid office adjacent to its Westralia Square asset. 

That office will add approximately 9,100 square metres of office space to the CBD.

GDI has been bullish on Perth in recent years, last year adding 180 Hay Street, the former Chamber of Commerce and Industry WA headquarters, to its portfolio. 

The group is Western Australia’s 5th largest commercial property owner, according to Business News Data & Insights, as ranked by total Net Lettable Area (NLA).

GDI’s total WA NLA footprint is 98,747sqm. 

Primewest is the state’s top commercial property owner, followed by Brookfield, Dexus and Charter Hall

Read more about GDI’s confidence in Perth’s CBD office market in our recent commercial property feature, online and in the latest edition of the Business News magazine.

At the time of writing GDI shares were up by 0.4 per cent at $1.15 per share.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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