Hamersley staying put
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Tuesday, 8 August, 2006 - 22:00
SINGAPORE-LISTED Allco REIT and joint venture partner Perron Group have signed a 12-year lease renewal with RioTinto subsidiary Hamersley Iron for 11 floors of the Central Park building. The agreement provides Hamersley with the option to conditionally increase or decrease its leased area, currently representing 23 per cent of the building’s total lettable space. Allco REIT bought its 50 per cent stake in Central Park in March 2006, through its subsidiary Central Park Landholding Trust, for a total of $190 million. The two owners have committed more than $6 million to redeveloping the tower’s forecourt, with a further $5 million allocated to the upgrade of services and amenities, including a gym. Hamersley’s other neighbours in the building include BHP Billiton, WMC Resources, KPMG, Asgard, Minter Ellison, Mallesons and St George.