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Refurbishment tipped to take SGIO Arium to a new level

A MULTI million dollar refurbishment of the SGIO Atrium is expected to help entice new tenants into the St George’s Terrace address during 2003.

The refit is planned to begin next month and will be followed by the departure of SGIO from the building, freeing up four floors, at the end of next year.

The namesake tenant of SGIO Atrium has announced it will construct its own premises in Collin Street, West Perth, and hopes to vacate the CBD by December 2002.

The move from the CBD will free up a total of 7,300 square metres of office space spread over four floors.

Owned by foreign group Dradgin Pty Ltd, the building also is home to SGIO’s parent NRMA, Fisheries WA and the Departments of Commerce and Trade and Resource Development.

Property managers Lloyd Collins & Associates are hopeful this year’s major refurbishment, the first in the building’s 19-year lifetime, will work to have potential tenants lining up for office space.

“The building needs a spruce up,” asset manager Bob Plant said.

“We do expect the refurbishment to have a positive impact on potential tenants … the building will be made much more attractive.”

However, Mr Plant did not rule out offering incentives to secure tenants.

“It really depends on what the market is dictating at the time, and if it dictates that we need to give incentives, then we will,” he said.

“Traditionally, the incentives offered have always been rent-free periods or contributions to fit outs … we will have to consider them if the need arises.”

WA Property Council policy and communications officer Geoff Cooper said that, when considering new premises, tenants looked at adequate parking facilities, proximity to public transport and amenities, suitable fit outs and the overall image of the building.

He noted that more and more tenants were prepared to forego a CBD address if facilities that met their needs could be found elsewhere.

Tenders for the SGIO Atrium’s multi million dollar makeover recently closed and a final decision on the winning bid is expected to be announced this week, with the six-month construction period scheduled to begin next month.

Refurbishments to the eight-storey building will include the addition of 187sqm of office space on two levels and renovations to the ground floor, service core and common areas.

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