BlackRock, Primewest spend $260m on Perth office

The St Georges Terrace office, at 30 levels, was Perth’s tallest upon completion in 1975.

A BlackRock Real Assets advised fund, in a new partnership with Primewest, is paying $260 million for a Perth CBD office on land held by AMP since 1910.

The 30-level, 29,800 square metre building at 140 St Georges Terrace formed part of the AMP Capital Diversified Fund, which it was announced yesterday would merge with the Dexus Wholesale Property Fund.

The acquisition comes a week after Primewest directors voted to merge with Centuria, potentially creating a vehicle managing real estate worth $15.5 billion.

140 St Georges Terrace

BlackRock will hold the majority of 140 St Georges Tce – which, when it was completed in 1975, was the city’s tallest tower.

Primewest is investing its share as part of a mandate with Singapore sovereign wealth fund GIC.

The incoming owners intend to engage a new leasing and management structure after settlement.

Presently, key occupiers are AMP Capital, Department of Veteran’s Affairs, Downer Group, Fair Work Australia and Servcorp (story continues below).

The office is a block from Elizabeth Quay.

“A significant amount has been spent on capital upgrades in recent years and we see further value creation opportunities for the asset given our on-the-ground team, proactive management approach and in-depth Perth market knowledge,” Primewest executive chairman, John Bond, said.

“This will be further enhanced by BlackRock’s significant global reach, experience and vision”.

The office is at the north west corner of William St, a block from Elizabeth Quay.

It contains 260 basement car parks.

The last major refurbishment was completed in 2006, however areas such as the foyer, and end-of-trip facilities have been modernised since.

For nearly six decades after 1915, the site, formerly known as Carrs Corner, accommodated AMP’s six-storey headquarters.

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Marc Pallisco

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

Marc Pallisco