Strong offshore interest tipped for Perth landmark tower site
A new building landmark on the horizon for Perth is a step closer to development.
Expressions of interest have been called to purchase the site of what is expected to become the city’s tallest residential building, with interest from offshore buyers tipped to be strong.
Kings Square 6, a 162m-high development comprising two towers of 42 and 48 floors, received development approval from Planning Minister John Day in August.
Nigel Freshwater, JLL head of sales investments WA, said future residents of the 563 apartments would enjoy 360-degree views to Rottnest Island in the west and the Perth foothills in the east.
The development application approval was expected to represent substantial value to an incoming buyer.
“JLL anticipate considerable interest in the site from offshore parties, in particular major offshore apartment developers from Singapore, Malaysia and China – potentially groups already active in Sydney, Melbourne and Perth,” Mr Freshwater said.
“Notwithstanding, we are not discounting the prospect of the buyer being a listed Australian national developer.”
The EOI period opened formally this week although none were expected to be received until the deadline next month.
Designed by Woods Bagot, the towers have a staggered floorplate and are billed as a focal point of the Perth City Link, the urban renewal project which connects Northbridge with the CBD.
The 3334-square-metre parcel of land is owned by Seven Group Holdings and is on the former Perth Entertainment Centre site.
The six-week EOI campaign is being managed exclusively by JLL and the site will be offered as either a freehold sale or joint venture opportunity, according to Sean Flynn, director sales and investments WA.
“Based on a net saleable area of more than 38,000 square metres, Kings Square 6 has a revenue potential in excess of $400 million, additional to which would be continuing income from 504 square metres of proposed ground floor retail and food and beverage tenancies,” Mr Flynn said.
When completed, JLL says, the Perth City Link is expected to comprise more than 60,000 square metres of prime-grade office space, a hotel and serviced apartments.
Several major corporations have already taken space in the Kings Square office precinct including Shell Australia, John Holland and HBF.
The Perth City Link project runs between the Perth central railway station and Mitchell Freeway.
The Kings Square 6 towers will house more than 1000 people in one, two and three bedrooms, as well as studio apartments.
Perth’s tallest building is the 52-floor Central Park, which was built in 1992 and stands at 249m.
The next tallest are Brookfield Place (234m, 45 floors), 108 St Georges Terrace (214m, 52 floors) and the Harry Seidler-designed QV1 (163m, 38 floors).
The Kings Square 6 building would be the city’s fifth tallest.
Expressions of interest close at 2pm WA time on November 25.
