Stokes-backed developer unveils new Kings Square tower

Kerry Stokes-backed developer Flagship has unveiled plans to build a 27-storey tower in the heart of Kings Square, situated in the $5.2 billion Perth City Link.

The Kings Square 5 Commercial Tower, proposed for 580 Wellington Street, comprises 20 storeys of office space, a conference centre, wellness facilities, retail, food and beverages.

The tower is earmarked for a 4,153 square metre lot sitting adjacent to Perth Arena.

The development application, lodged by element and Architectus on behalf of Flagship Property Holdings, was officially released by state government land agency DevelopmentWA this morning for public comment.

Kings Square is the master plan vision of Kerry Stokes’ Seven Entertainment, a subsidiary of Seven Group Holdings, which owns the site, and encompasses the redevelopment of the former Perth Entertainment Centre.

Kings Square 5 is one of seven towers within the precinct, which features a mix of residential, retail and office uses, surrounded by public plaza areas and car parking.

The vision came following the release of the state government’s Perth City Link master plan in 2008, which was designed to reconnect a 13.5 hectare space between Northbridge and Perth’s CBD.

The Kings Square 1, Kings Square 2 and Kings Square 3 towers were pre-sold to Dexus Property Group and Dexus Wholesale Property Fund for more than $434 million in 2013 and are now occupied by energy giant Shell and John Holland.

The 10-storey King Square 4 tower was developed as part of a joint venture between Leighton Properties and a Seven Group subsidiary and is occupied by health insurer HBF.

In 2015, Seven Entertainment received approval to pursue Kings Square 6, which featured plans for two residential apartment towers of 49 and 43 storeys worth $190 million.

Mr Stokes' Seven Group Holdings is Flagship Property Holdings’ major shareholder, with a 48 per cent stake in the company.