Andrew Forrest’s Fiveight outlays $55m for Perth CBD office

The office contains 9200 square metres of A-grade space over 12 floors.

Credit Suisse is selling a Perth CBD office to Fiveight, one of six business arms managed by Tattarang, the private investment company of mining billionaire and philanthropist Andrew Forrest.

The property, 190 St Georges Terrace, is costing $55 million.

It contains 9200 square metres of lettable A-grade area across 12 floors.

Fiveight will further refurbish parts of 190 St Georges Terrace as part of a repositioning strategy.

Fiveight is intending a selective refurbishment as part of a repositioning strategy.

“We see an attractive opportunity to invest in this building and position it as a boutique…offering for businesses looking for a St Georges Tce presence with high quality amenity,” chief executive officer John Meredith said.

Developed by Lord Alistair McAlpine in 1982, the office has undergone several renovations including recently.

You will see us being more and more active: Fiveight

Tattarang chief investment officer John Hartman said Fiveight would over coming years play a major part in the parent’s investment plans (story continues below).

“Property is a big focus, you will see us being more and more active in the market both in Western Australia and on the east coast,” the businessman added.

“Fiveight has a flexible investment mandate – we look across all asset classes both active and passive.

“This…appetite for diversity gives us the broadest potential investment opportunity.

“We are focused on assets where we can add value, but at our core we look for investments that align with our values and provide opportunities to embed sustainability throughout our portfolio”.

Fiveight’s portfolio includes the Old Swan Brewery, Roe Highway Logistics Park and proposed $85m Ningaloo Lighthouse eco-resort project, which will replace the Exmouth caravan park, all in Western Australia.

Constructed in 1982, the Perth CBD office has undergone several renovations including recently.

It was recently named with Kerry Stokes’ Australian Capital Equity a preferred proponent with Frasers Property, Lendlease, Mirvac and PowerHouse City, to redevelop the East Perth Power Station.

Tattarang’s other business units include Harvest Road, ShortFin Mako Marine, Squadron Energy, Wyloo Metals and Z1Z – the latter which paid $190m for clothing retailer RM Williams last month.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco