All change as space becomes available

A WINDOW of opportunity for new office space exists around 2002-03 with a significant number of Premium and A grade CBD tenant leases due for renegotiation.

An office market report by Colliers Jardine says, however, rents are still forecast to be below the estimated net rent of at least $350 per square metre required to justify new construction.

Four refurbishments in the CBD, and another planned to commence shortly, will add considerably to the pool of office space available.

Council House at 27 St George’s Terrace and 219 St George’s Terrace — the space left vacant by The West Australian Newspaper’s move to Herdsman Parade — have been completed, with 160 St George’s Terrace and 4 Bennett Street to follow.

About half the Perth City Council’s existing space in Westralia Square of 7,382 square metres has been taken up by Hartley Poynton.

This is likely to leave Hartley Poynton’s existing space of about 1,600 square metres at Allendale Square vacant.

Property developer Westpoint recently purchased 160 St George’s Terrace and is now in the process of refurbishing the office tower and the retail arcade.

Work intended to bring the building to A grade standard is planned for completion in May 1999 adding a further 4,437 square metres to CBD supply.

Westpoint reports that six of the eight levels have been leased.

The refurbishment of 219 St George’s Terrace was completed in late 1998.

The Insurance Commission of WA will be relocating from the adjoining 221 St George’s Terrace to occupy the lower four floors, leaving 5,780 square metres vacant in 221 St George’s Terrace and more than 4,000 square metres at 219 St George’s Terrace (both buildings are owned by the Insurance Commission).

At the eastern end of the CBD 4 Bennett St, left vacant when Western QBE moved to 95 William Street, is also being refurbished.

The building comprises a ground and two upper levels, with an area of 2,120 square metres and a basement of 545 square metres.

In addition, the Clough group of companies has added an additional floor to the building it occupies at 251 St George’s Terrace.

Cape Bouvard has commenced the development of a 3,637 square metre A grade building at 181 St George’s Terrace, expected to be completed in May 2000.

This will be a boutique-style building and is not expected to have a great impact on the market.

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