IN a move that will take advantage of the strong demand for office accomodation in West Perth, new owners of the former CBH headquarters plan to extensively refurbish the property as part of a multi-million dollar redevelopment of the site.
Queensland-based developer, First State Developments purchased the 7,783 square metre Delhi Street property from CBH Superannuation Holdings late last year.
The building had been CBH headquarters since 1969 and is recognised as one of the few development opportunities of size in West Perth.
First State WA manager Glen Bridge said the company planned to spend $2.5 million on the refurbishment of the six story, 3,257sq m building, located at 22 Delhi Street.
Redevelopment plans include a new entry foyer, updated building infrastructure and the construction of four penthouses on the building’s roof. Tenders are currently being called.
Mr Bridge said when completed the building would have around 3,000sq m of net lettable area, 60 car bays and 500sq m floor plates.
The office refurbishment is the company’s first foray into the commercial office market.
First State, which has been operating in the WA market for the past five years, has traditionally focused on showroom, warehouse and bulky goods retail developments.
Mr Bridge said West Perth had been identified as a tight office market.
He said the CBH building site was well located opposite the City West railway station and had a good aspect onto Harold Boas Gardens.
“We expect it to attract mining, IT and tenants who don’t want to be in the CBD,” Mr Bridge said.
He told WA Business News that the real bonus for tenants was the amount of car parking available on the site.
“We have one car bay per 50sq m when it is usually one per 75sq m,” Mr Bridge said.
The only other office development known to be going ahead in West Perth is Peter Laurance’s Pivot Group multi-million dollar four-storey, 4,000sq m office building at 18 to 24 Parliament Place, which will go ahead without tenant pre-commitment.
First State is also pursuing a development approval for a $20 million, 58-apartment development on a 2,400sq m portion of the site, which faces 6 Campbell Street.
Mr Bridge said that development application had been lodged with the City of Perth and the company would later on-sell the site with development approval.
First State also sold off 3,500sq m of the CBH site to residential property developer Australand, which will put up a $27 million, 84-apartment development on the site.
Australand WA general manager Chris Lewis said the company was currently appointing a builder and was six weeks away from starting construction.
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