Chevron anoints Brookfield to develop its new Perth HQ
Resources giant Chevron Australia has appointed Brookfield to develop its new corporate headquarters at Perth’s Elizabeth Quay precinct.
The 29-storey tower with 52,785 square metres of office space could be worth $500 million or more when completed and fully leased, according to market sources.
“With the successful start-up and ramp up of our five-train LNG and domestic gas business, this agreement signifies our long-term commitment to the Western Australian community and our workforce,” said Chevron Australia managing director, Nigel Hearne.
With floor plates of 2000 sq m, the tower will look south over the Swan River and east over the Supreme Court Gardens and Langley Park.
Chevron’s new HQ at Elizabeth Quay will be in a 29-storey tower with 52,785 sq m of space.
Chevron’s new HQ at Elizabeth Quay will be in a 29-storey tower with 52,785 sq m of space. Nick Lenaghan
It will be built on Lot 7 of the Elizabeth Quay precinct. Chevron itself owns the 6800 sq m site, having paid $64 million in 2013 to buy into the urban redevelopment project.
The decision to appoint Brookfield to build its new home ends years of uncertainty over where Chevron, one of Perth’s biggest tenants, would finally settle.
Chevron, currently headquartered in the QV1 building until 2023, had appointed Savills to run a tender process for a developer to build a new premium tower that it could occupy for a lease term of about 25 years.
Already it had extended its deadline to develop the Elizabeth Quay site by several years and other landlords and developers were keen to host the Australian arm of the US giant.
The Harry Seidler-designed QV1 building which Chevron currently calls home is half-owned by Investa Commercial Property Fund.
Its co-owner is Eureka Funds Management – the platform was absorbed into AXA Investment Managers in 2016 – which bought into the tower seven years ago on behalf of Commonwealth Superannuation Corporation.
Chevron, which was in the market for 40,000 sq m, will become the anchor tenant in the new Elizabeth Quay with Brookfield as its developer.
The powerful Canadian developer and investor is already busy in the Elizabeth Quay precinct.
Across lots 5 and 6, Brookfield has committed to developing a $1.1 billion mixed use twin-tower project, including one of the CBD’s tallest towers in a project designed by New York architects REX.
Momentum is building at the waterside regeneration zone, where Hong Kong mega-developer Far East Consortium – which is also active at the Perth City Link redevelopment – is building a cluster of residential towers and the Ritz-Carlton Perth.
