ISPT sheds light on Enex plans

ISPT has unveiled its plans for a $40 million redevelopment of its Enex building, as miner South32 prepares to move into the building.

The property fund is set to create what it describes as an “urban commercial village” within enex, which adjoins 24-storey 100 St Georges Terrace, also owned by ISPT.

The group says it will condense the existing retail assets, which are currently spread across three floors, to two floors, and add a new food court and 130-seat lounge area to level two.

The Woolworths shopping centre will remain as is.

ISPT will also refurbish the third level of the building to make way for South32’s move into enex, which Business News revealed in March.

The office revamp will span 5,150 square metres, one of the largest floor plates in Perth.

ISPT head of retail portfolio Sam Curry said the two-level redevelopment was designed to cater for office workers and city dwellers.  

“The redevelopment … [blends] hospitality, premium fashion, convenience retail and office spaces all under one roof to create Perth’s first urban commercial village,” he said.

ISPT head of office portfolio Nicole Ward said the A-grade office tower at 100 St Georges Terrace would be redeveloped into a purpose-built floor for South32.

“This new partnership demonstrates how ISPT is continuing to meet and exceed the expectations of today’s tenant partners through quality innovative workspaces combined with unique retail experiences,” she said.

“The investment demonstrates our continued commitment to ensuring we have a world-class offering.”

Cushman & Wakefield negotiated the leasing deal with South32 and ADCO Constructions has been appointed to build the revamped space.

Construction is expected to be complete in early 2025.