Cbus Property has today signed an agreement with the Western Australian Government to proceed with the acquisition of 140 William Street, Perth and the development of a commercial and retail complex on the site.
Cbus Property was named preferred proponent in September this year and since then has been in negotiation with the Government to finalise the associated lease and sale documentation and agree on the design parameters.
The development will consist of approximately 36,000 square metres of commercial space spread across the heritage buildings, a new three tiered high rise building of 6, 15 and 20 storeys, and 7,000 square metres of retail area. The commercial towers will generally be A-grade buildings and designed in accordance with environmentally sustainable design principles to become Western Australia’s first five star ‘Green Star’ building.
The Western Australian Government has pre-committed to lease 22,000 square metres of office space in the development with a further 14,000 square metres available for lease.Kevin Fitzpatrick, CEO of Cbus Property said, “This is one of the most significant and exciting commercial developments on offer in the City of Perth. It will offer tenants a modern and environmentally sustainable workplace with the added convenience of being immediately adjacent to transport and civic amenities.” The development will be situated above the new central railway station, which is currently under construction. The development also incorporates several heritage buildings which will be revitalised and integrated into the development.
“We will preserve the true character of the heritage buildings and where possible have them utilised as originally purposed, as retail and accommodation outlets,” said Mr Fitzpatrick. Environmentally sustainable design features within the commercial buildings include screening elements to the west to minimise heat load, these will contribute to the developments 5 star ‘Green Star’ and 4.5 Australian Building Greenhouse Ratings.
Construction will commence in the middle of 2007, as the adjoining railway station is finished. The development is scheduled for completion at the end of 2009, with occupation taking place throughout 2010.140 William Street is Cbus Property’s first major project in Western Australia. The Company has engaged a team of local consultants and designers in the initial bid who will be retained during the development period. The principal partners include Hassell Architects; Winward Structures, Bassett engineers, Rider Hunt, Mirvac Fini, Gadens Lawyers, NS Projects and Probuild. The leasing agent for the commercial space will be Colliers International.
“Winning the bid for 140 William Street was very important to us strategically as our parent, Cbus has a significant number of fund members in Perth. We are planning to maintain a presence in Perth and are actively seeking other investment opportunities in Western Australia,” said Mr Fitzpatrick.Cbus Property’s parent Cbus, the national construction industry superannuation fund, manages the retirement savings of more than 440,000 members, most from within the property and construction industry.
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