Read development could prove attractive

THE Read office development may draw the attention of CBD tenants away from the heights of office towers, with its unique style, premium location and lower rents.

Set on the corner of Hay and Milligan streets, The Read is a $12 million project whereby the facades of two existing heritage buildings will be blended with a modern five-storey office development.

Designed by Perrine & Birch architects, well-known for their work on Subiaco’s Colonnade and Northbridge’s Cinema Paradiso, The Read will offer about 3000sqm of net lettable office space and 500sqm of retail space.

Office space rents have been estimated at between $260 and $300 per sqm, a sizeable drop from the $360 per sqm asking price in Hawaiian’s Futuris 239 and Kerry Packer’s Westralia Square.

The Read also will be completed before other CBD office tower projects, starting early in the new year and finishing within 10 to 12 months. The process will involve gutting the interiors of the two buildings on the 931 Hay Street site and constructing a new office behind the maintained facades.