Vacancy rate at 140 St Georges nears zero

AMP Capital has secured tenants for four whole floors of 140 St Georges Terrace, which has pushed the vacancy rate at the office tower down below 1 per cent.

CBRE said Dampier Bunbury Natural Gas Pipeline and AngloGold had each committed to two entire floors in the building on long-term leases.

This equates to over 2,200 square metres for Dampier and 2,110sqm for AngloGold.

The leases were negotiated by CBRE’s Andrew Denny and Luke Bray.

140 St Georges Terrace.

The two tenants will join other recent arrivals in the building, including Downer (1,014sqm), Veridian Advisory (697.1sqm) and Talent International (282.3sqm).

These tenants have reduced the 29,929sqm tower’s vacancy rate to 0.7 per cent, down from 30 per cent at the start of 2019.

Mr Denny said deals with 12 new building tenants totalling 8,899sqm had transformed 140 St Georges Terrace in 2019.

“No other Perth office building comes close to the success at 140 St Georges Terrace in 2019,” he said.

“The location of the building coupled with the quality of the recent refurbishment have been key to this year’s leasing success.”

AMP Capital has undertaken a rolling program of new and upgraded fitouts this year.

“This ensured real momentum and resulted in tenants competing for the limited spaces remaining in recent months,” Mr Denny said.