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Asset review sparks sales excitement

THE WA Government has conducted a valuation of the Hartley Poynton building prompting speculation that one of the CBD’s most high profile office towers could soon be on the market.

It is understood the Insurance Commission of Western Australia briefed a number of real estate agents around town to value the building with a view to selling it.

The former Westralia Square was valued at around $101 million based on the sale of 30 per cent of the building in 1995.

The Commission claims the building is not for sale and that the valuation was undertaken as part of the ongoing review of assets.

“We had the building valued to revise our investment portfolio,” Insurance Commission of Western Australia public relations manager Michelle Finucane said.

“It’s fair to say the Insurance Commission is always reviewing its assets and investments.

“And that’s not to say it won’t be for sale some time further down the track.”

The managing agent for the building is Jones Lang LaSalle.

Jones Lang LaSalle executive director Peter Agostino was unable to comment.

“You’ll need to discuss that with the Insurance Commission of Western Australia,” Mr Agostino said.

It is understood the building is fully leased and leasing contracts extend to 2007.

The building currently houses a number of Government organisations including the Ministry of Justice, the Director of Public Prosecutions and the Equal Opportunity Commission.

It was also home to the Perth City Council until it moved back into its refurbished Council House headquarters.

Previously known as the Westralia Square it was renamed the Hartley Poynton building in June 1999 when the stockbroker took naming rights as part of a deal to move into the sixth and seventh floor of the building.

The office tower is considered at the top of the A-grade building space in the city alongside developments such as the Forrest Centre and the Quadrant.

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