12/11/2015 - 14:20

Office upgrades for West Perth

12/11/2015 - 14:20

Bookmark

Save articles for future reference.
Office upgrades for West Perth
A refurbishment stoked tenant demand at 1 Havelock Street.

Landlords in West Perth are moving to upgrade their buildings in the wake of increased vacancy, as tenants demand higher-quality amenities in a competitive market.

Commercial real estate agency CBRE said vacancy rates in B and C-grade buildings in the near-city suburb were at 26.8 per cent, compared with 5.7 per cent for A-grade premises.

CBRE office services negotiator Daniel Johnston said that prompted landlords to refurbish properties to bring them into line with the higher-quality stock.

At 1 Havelock Street, a recent refurbishment by building owner Ascot Capital comprised a full lobby upgrade and a refit of the second floor, as well as new end-of-trip facilities.

Following the upgrades, Frasers Property Australia signed a deal to take up 1,236 square metres in the building, joining tenants Golder Associates and Civic Legal.

The entire building has now been leased.

Also in West Perth, owner Primewest installed a large end-of-trip facility at the IBM Centre at 1060 Hay Street, as well as upgrading the building’s lobby.

Mr Johnston said end-of-trip facilities were fast becoming a standard requirement to attract tenants.

“With soft tenant demand in the market, landlords are undertaking major building upgrades to renegotiate lease renewals with existing tenants while also targeting new tenants in the market,” Mr Johnston said.

Dan Wilkie

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options