10/11/2020 - 15:54

Gold Fields shifts to the terrace

10/11/2020 - 15:54

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The state’s top gold producer has signed one of the biggest office leasing deals for 2020, securing a tenancy at Brookfield Properties and Hawaiian’s 235 St Georges Terrace.

Gold Fields has signed a 10-year lease term for 3,000sqm of space at 250 St Georges Terrace. Photo: Brookfield Properties

The state’s top gold producer has signed one of the biggest office leasing deals for 2020, securing a tenancy at Brookfield Properties and Hawaiian’s 235 St Georges Terrace. 

The company will move from its Colin Street office in West Perth to a 3,623 square metre tenancy on level 4 of the building in April 2021.  

According to Business News Data & Insights, Gold Fields is the state’s largest gold producer with output of 973,000oz in the last financial year.

Gold Fields plans to reside at 235 for at least the next 10 years.

Brookfield Properties head of leasing Marcus Wraight said the Gold Fields deal reflected the growing confidence in the Perth office market.

“The market for A-grade and premium office space has tightened markedly in the last six to 12 months, despite the challenges of COVID-19,” he said.

“We are pleased with our leasing successes at 235 St Georges Terrace and believe our ability to deliver high quality office space which maximises tenant comfort and experience is a key reason for the strong demand we are experiencing, despite softer market conditions.”

Hawaiian general manager office buildings Richard Kilbane said Gold Fields would join 235’s existing tenants; Hawaiian, Tetra Tech Companies, Gallagher, Wilson Group, Intertek, Chamber of Commerce and Industry WA and KPMG.

South African-owned Gold Fields became WA’s largest goldminer after dethroning Newmont this year, producing a total 973,000oz from its four mines in the Goldfields. 

Those mines include the new Gruyere joint venture with Gold Road Resources, which officially opened earlier this year.

Gold Fields’ rise was also helped by the sale of Newmont’s 50 per cent shareholding in the Kalgoorlie Super Pit halfway through the financial year, which dented the US miner’s annual production by about 16 per cent.

Gold fields executive vice president Australasia Stuart Mathews said the move presented the opportunity to provide employees with a contemporary, high-quality work environment, close to the amenity of the Perth CBD. 

“This year in particular has shown the importance of creating a work environment that promotes and supports collaboration and a sense of belonging, and we are confident that our new home at 235 St Georges Terrace will do just that,” Mr Mathews said.

Mineral Resources is another mining company that’s made a big office play this year, paying $60.5 million for an office complex at Walters Drive, Herdsman, moving out of Applecross.

CBRE senior director office leasing Andrew Denny said the Gold Fields transaction reflected the trend of tenants in the Perth market relocating from suburban to CBD locations. 

“The attraction of a high level of building amenity, a building with full height glazing throughout, and a high-quality existing fitout were all significant factors,” he said.

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