A new A-grade office tower pegged for Hay Street's Grosvenor Hotel site is set to become the latest in a string of office developments in East Perth, if approved by the relevant authorities.
The proposed building, which would sit adjacent to the hotel on the corner of Hay and Hill streets, contains 12,500 square metres of office space across 12 levels, plus two levels of basement parking.
The $48 million development would also include a new three-storey building and a refurbishment of the hotel.
To be called 'Grosvenor Square', the project is being advertised at a rent of $600/sqm to $650/sqm, although a development application is yet to be approved by the City of Perth.
It's the second new office tower planned for a hotel site in the CBD, following an application for a 13-storey building adjoining the Melbourne Hotel, lodged in January.
The project is yet to receive the go ahead, although the City of Perth's planning committee is expected to review it later this month.
The Grosvenor Hotel is owned by Morvale Investments Pty Ltd, which has multiple directors based in Claremont, Malaysia and Brunei.
It was classified by the National Trust in 1989 and has been marketed twice for a residential development, but failed to sell on either occasion.
The new building is expected to be completed in late 2010.
