New managers for Allendale Square

MANAGEMENT of Allendale Square is set to change in July after Jones Lang LaSalle won the contract from rival Knight Frank, which has managed the prestigious site for the past 25 years.

Four companies were invited to tender for the property late last year and the contract was won earlier this month by Jones Lang LaSalle.

The 31-storey building is jointly owned by two divisions of Lendlease, the General Property Trust and the Australian Prime Property Fund.

The tower was valued at $89 million in December last year.

The A-grade property, which features a retail arcade and conference centre, is home to organisations such as ANZ Banking Corporation, WA Bar Chambers, Qantas and The Macquarie Bank. Knight Frank is also a tenant in the building, however the company has indicated it will review its tenancy.

Allendale Square has a net lettable area of 25,700sqm and with the office occupancy rate standing at 91 per cent, the property brings in $6.4 million to its owners each year.

But despite this, a 50 per cent share of the tower failed to attract a buyer when it was listed for sale last year.

Knight Frank agency director John Corbett said while the company was disappointed at the loss, it was part of the normal ebb and flow of business.

He applied this philosophical

approach to the firm’s loss of Gateways Shopping Centre.

“It is part of normal business, we lose some clients and we win some clients,” Mr Corbett said.

“Companies are consolidating their properties under one management firm more and more.

“But overall we are performing strongly across the board, with a lot of successful sales and leasing.”

He said the firm had recently sold properties in St Georges Tce and Scarborough Beach Rd for $10 million and $13 million respectively.

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