AAIG seeks changes to Capital Square plan

An application has been lodged with the City of Perth to amend the design of the office component of the much-awaited Capital Square development, the latest sign of progress at the old Emu Brewery site.

The $350 million, triple-tower Capital Square project was initially approved by the City of Perth development assessment panel in July last year.

The application received this week values the office tower construction at $180 million.

The office component of the site, which will comprise a 35-storey building, has been slated to become Woodside Petroleum’s new home in 2018, under an agreement that shocked the market when it surfaced at the start of the month.

Features of the tower include a 400-seat auditorium, a rooftop garden, a gymnasium complete with a swimming pool, as well as a wellness centre and room for 700 bikes, 1,000 lockers and 70 showers.

Industry sources are expecting Woodside’s lease deal to come in under market rent, raising questions regarding the viability of the proposal.

The developer behind the proposal is Malaysia-backed AAIG, with Capital Square to be its first major project in Perth.

Work began at Capital Square in April, with Probuild carrying out forward works for the 41-storey residential component of the proposal.

The only building licence issued at the site, however, is for forward works for the residential tower.

The old Emu Brewery site has been one of Perth’s most contentious vacant plots, with several development proposals falling over at the penultimate stage.