GDI Property Group says it will undertake one of the largest refurbishment projects in the Perth CBD’s history, with its $50 million revamp of the former Governor Stirling Tower complex at 197 St Georges Terrace, and 1 and 5 Mill Street.
GDI’s renovation plan includes a comprehensive upgrade of the three buildings, including foyers, lifts and air-conditioning, to achieve a 4.5 NABERS rating.
GDI Property acquired the site earlier this year for $152 million.
A leasing campaign for the building, which is being vacated by the state government, is now underway, headed by Jones Lang LaSalle and Knight Frank.
Jones Lang La Salle WA head of leasing, Nick Van Helden, said the refurbishment would provide a significant boost to the precinct’s visual and physical amenity.
He said the development was well-timed, with a desperate need for quality space emerging in the CBD.
Jones Lang La Salle recently reported Perth’s prime vacancy rate was 2.5 per cent – the lowest CBD vacancy in Australia.
Knight Frank state director of asset services Ian Edwards said tenants were lining up to lease multiple floors in the complex.
Engineering, project management and consultancy firm AMEC has already committed to more than 7,500 square metres of office space in the low rise of 197 St Georges Terrace, Mr Edwards said.
“In the light of the current constrained CBD office supply pipeline and the building’s location in the executive hub of the state’s resources sector, we are confident of negotiating a significant portion of the available space even before refurbishment commences,” he said.
The refurbishment will commence in December and is expected to take up to 12 months to complete.
