China’s CITIC Pacific Mining has signed Perth’s largest office leasing deal so far in 2014, to relocate its headquarters to 45 St Georges Terrace.
The deal, which was brokered by CBRE and Sheffield Property Group, is for 3,200 square metres of the 10,017sqm, 9 storey building.
The lease will commence in September.
Much of the space in the building, which is owned by a real estate fund controlled by international banking group Credit Suisse, was vacated by WorleyParsons when its lease expired in February this year.
“The team worked with CITIC to provide an attractive lease solution, which will allow CITIC to relocate from approximately 5,000sqm over 12 floors to highly efficient, new and fresh headquarters over three contiguous levels,” he said.
Refurbishments at the building included new ceilings, lighting, carpets and painting, as well as refurbished restrooms and an upgrade of end of trip facilities and the lobby area.
Sheffield Property director Mark Clapham said there were still positive growth stories that were helping to balance out the demand side of the equation for office space in Perth.
“Getting these types of deals done requires the full cooperation of all parties at the table from the very outset,” he said.
Mr Clapham said CITIC had not initially considered the building when it first looked for a new headquarters, but the repositioning meant 45 St Georges Terrace could fulfil the company’s requirements.