Subsea 7 inks Westralia deal

Subsea 7 has struck a deal with GDI Property Group to move into Westralia Square, from its current William Street address.  

Colliers brokered the off-market deal for Subsea 7 to occupy the 15^th floor of 141 St Georges, which GDI Property Group bought in 2017 for $216.25 million.

The deal, over 1,882.2 square metres, brings the 18-storey building close to 80 per cent occupancy, with deals in negotiation to lease the remaining four floors.

Subsea 7 is paying about $720/sqm for the space, on a five-year initial term.

Refurbishment specialists Ryder Projects recently completed a refit of the floor, as part of GDI’s revamp of the asset.

Colliers national director of office leasing Jemma Hutchinson said the deal aligned with tenants’ growing preferences to occupy high spec workspaces.

“Understanding an expanding tenant’s requirement and finding a solution that works for all parties” she said.

“On top of this, a workplace which encourages staff to enjoy the office and an open environment for a staff hub were some of the key selling features of Level 15, Westralia Square.

“Tenants are still seeking that flight to quality and the larger floor plates are starting to be of high demand again as the office market heats up with expansion needs.”

GDI Property Group managing director Steve Gillard described the deal as a “win-win outcome” for both parties, commending Colliers.

Since Colliers relaunched in the WA market in early 2022, following the spin-off of the group’s international franchise in WA to Cygnet West, Colliers has leased more than 9,982sqm of directly brokered deals.

Subsea 7 has occupied 15-17 William Street, known as Australia Place, for about the last five years.