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Brookfield Proposing New Office Development Abutting its City Square Asset, Perth CBD

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Western Australia
Monday, 09 May 2011 00:21

THE Australian arm of the Canadian private equity company Brookfields plans to build an office building in Perth, abutting another development it already owns – in effect creating a twin-tower complex.

Upon completion, the twin-office development’s end value is forecast will be more than $1 billion.

Brookfield told The Australian it was also considering redeveloping other sites it owns – the Bishop See North asset, also in the Perth CBD, and another office tower proposal in Melbourne.

It paid West Australian property investor Ric Stowe $25.3 million for the site adjoining City Square, and is reportedly planning a 15-level, 30,000 square metre office, which will be integrated into the neighbouring complex.

City Square includes a 45-level office tower (pictured), with more than 85,000 square metres of commercial space (this also includes lower level retail). The building was completed this year, and will be majority occupied by BHP Billiton, which is currently headquartered in Melbourne. BHP recently leased 60,000 square metres at City Square.

At Bishop See North, Brookfield is proposing a 46,000 square metre office.