07/01/2021 - 10:00

Georgiou to revamp Landgate building

07/01/2021 - 10:00

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Georgiou Capital has been chosen as the preferred proponent to redevelop and buy the Landgate building in Midland, under the state government’s Market-led Proposals Policy.

The Landgate building will be refurbished to accommodate more than 500 public sector staff. Photo: Gabriel Oliveira

Georgiou Capital has been chosen as the preferred proponent to redevelop and buy the Landgate building in Midland, under the state government’s Market-led Proposals Policy.

The Market-led Proposals Policy (MLP) initiative encourages unsolicited proposals from the private sector to government in relation to; purchasing a government-owned asset; building or financing infrastructure; or providing goods and services.

The state government released a problem and opportunity statement for the Landgate building last year, seeking innovative solutions to optimise the building and Landgate’s office accommodation.

Located at 1 Midland Square, the property reverts to government ownership in March 2021 and will be sold to Georgiou Capital, with the state receiving proceeds from the sale.

A sales price was not disclosed, with the parties now progressing detailed due-diligence and final negotiations.

According to Corelogic, 1 Midland Square occupies about 1.26 hectares of land.

Under the proposal, Georgiou Capital will refurbish the building, which will house more than 500 public sector staff in the local area, as well as accommodate a range of other government and commercial tenants through a co-working concept proposed by Georgiou Group.

"This is a tremendous outcome with the state to receive the proceeds from the sale as well as over 500 public sector staff remaining in Midland,” Finance and Lands minister Ben Wyatt said.

"The McGowan government is working hard to recover jobs lost during the pandemic, as well as creating thousands more through innovative proposals like this to stimulate the economy.”

There are several other problem and opportunity statements under the MLP program awaiting assessment, including nature-based proposals for new tourism experiences across the state’s national, marine and conservation parks and investment to support a 50,000-hectare expansion of WA’s softwood plantation estate, among others.   

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