Cbus named as preferred William St developer

Two Melbourne-based development groups have been named as preferred and reserve tenders for the 140 William St mixed-use development, above the new underground railway station, with Cbus Property Pty Ltd coming out on top.

Grocon Pty Ltd was named reserve proponent.

Cbus Property chief executive Kevin Fitzpatrick told WA Business News the company was waiting for State Government confirmation as to the date of their next meeting, where both parties would discuss the finer details of the contract.

"The government has warned us that meetings could be scheduled as early as Thursday or Friday of this week," he said.

"We will certainly be establishing ourselves permanently in Perth now that we have the tender for 140 William Street and will be looking for other development and investment opportunities."

Cbus Property, a subsidiary of construction and building industry superannuation fund Cbus, bid for the project through a consortium with Leighton Contractors Pty Ltd.

Leighton will be retained as a non-equity partner for the project with Mirvac Fini being added as an adviser to the bid.

The company told WA Business News last month that it planned to make a long-term commitment to Western Australia, where about 40,000 of Cbus fund members reside.

An announcement from Planning and Infrastructure Minister Alannah MacTiernan said negotiations with Grocon would begin at the same time, to enable the project to move forward should negotiations with the Evolution Consortium be unsuccessful.

The State Government named Evolution, Grocon, Lendlease and Multiplex Developments at its short list of proponents last year, with Lendlease later withdrawing from the process.

Below is the state government announcement:

A preferred and a reserve proponent have been chosen for the development of the
140 William Street site above the new underground platforms of Perth Station.

Planning and Infrastructure Minister Alannah MacTiernan said the Evolution Consortium, owned by CBus Property Pty Ltd, was named as the preferred proponent and Grocon Pty Ltd as the reserve proponent.

Ms MacTiernan said the Government would now negotiate to finalise a development agreement for the site.

Negotiations with the Evolution Consortium were expected to commence immediately and be completed within the next few months.

Leighton Constructions had been retained as a non-equity partner and Mirvac Fini added as an adviser to the Evolution bid.

Negotiations with Grocon Pty Ltd would begin at the same time, to enable the project to move forward should negotiations with the Evolution Consortium be unsuccessful.