National construction outfit Built Holdings will start work shortly on Charter Hall Group’s $240 million redevelopment of Raine Square, after being appointed as primary contractor.
National construction outfit Built Holdings will start work shortly on Charter Hall Group’s $240 million redevelopment of Raine Square, after being appointed as primary contractor.
Earlier this year, Charter Hall proposed to add a second tower at Raine Square, designed to attract a hotel operator, while also enhancing its retail offering and with the addition of a multi-screen cinema complex, to be operated by Palace Cinemas.
Built managing director Brett Mason said the company was excited to be working with Charter Hall, with work expected to be complete by the third quarter of 2018.
Mr Mason said the deal added to Built’s increasingly strong presence in Western Australia, following its refurbishment of the Old Treasury Buildings into the State Buildings for FJM Property, and its completion of apartment project Heirloom at the historic Dalgety & Co Woolstores in Fremantle.
Charter Hall purchased Raine Square in 2013 for $458 million, as the lead partner in a consortium that included its Core Plus Office Fund, a domestic superannuation provider and a global institutional investment group.
Charter Hall expects the redevelopment works to increase the book value of the asset to around $700 million.
“Our vision is to make Raine Square the ‘it’ place in Perth by revitalising the retail and entertainment offering to provide a convenient and enjoyable experience not seen in Perth’s CBD,” Charter Hall head of office development Andrew Borger said.
“We are also capitalising on the proximity and accessibility to the major rail and bus station networks, Yagan Square, Perth City Link and Perth Arena to make Raine Square Perth’s most connected mixed-use precinct.”
The new Raine Square has been designed by local architects Cox Howlett + Bailey Woodland, in collaboration with Leederville-based Taylor Robinson.
Bankwest Place and the flagship Bankwest store on the ground floor of Raine Square will remain open throughout the redevelopment, while access from the pedestrian tunnel linking the tower to Perth Underground train station will be closed for the 12-month construction phase.
Raine Square's retail and hospitality offering will undergo a comprehensive revamp as part of the redevelopment works.
