Square Metres: St Georges Terrace loses another key tenant to Elizabeth Quay amid exodus to waterfront rival

Elizabeth Quay has stolen a major tenant from the heart of St Georges Terrace, as the strip continues to lose a bit of shine to its waterfront rival. INPEX is joining EY, Multiplex, Hub Australia, Argonaut and Little Creatures at the upcoming Nine the Esplanade at EQ, taking up a 10-year lease over six floors, which has about 11,200sqm. Practical completion on the building, developed by Brookfield Properties and CBus Property, is due this month, with the finalisation of the base build and fit-outs for the anchor tenants. It is believed Inpex will fit out its office in the middle of the year, relocating from 100 St Georges Terrace. Precommitment in the premium grade office building now sits at about 73 per cent. Danny Poljak, president of Brookfield Properties, said the 19-storey tower had first-class facilities and high sustainability credentials. “The relocation of INPEX is a strong indicator that businesses are attracted to the Elizabeth Quay precinct and the lifestyle amenities it provides,” he said. Nine The Esplanade is expected to have a 6-star Green Star design and construction rating, a 5.5-star NABERS Energy Rating, a 4-star NABERS water rating and IWBI WELL Gold Core certification. The new Little Creatures venue will take out the ground floor space, offering more than 500sqm of internal dining, brewing, and taproom space, along with a 390sqm alfresco area. The tower marks Cbus Property’s second commercial office development in Perth, following the success of 140 William Street more than a decade ago. Blockbuster in Canning Vale The biggest industrial property sale of the year to date has taken place in Canning Vale, with a facility selling for $38.6 million. Australasian real estate funds manager Centuria Capital Group used the last of its coin from wholesale fund, Centuria Select Opportunities Fund, to buy the industrial facility in Canning Vale from ESR. It is Centauria’s fifth asset in the suburb of Canning Vale. Located on Gauge Circuit, the facility includes two warehouses covering about 17,900sqm, set on a 4ha site. The property is leased to AAA Trailers and Australian Electoral Commission, providing a 2.5-year WALE. Jesse Curtis, Centuria Head of Funds Management, said Canning Vale continues to benefit from a significant supply-demand imbalance and exceptional rental growth. “In fact, Perth has experienced the strongest industrial rental growth of all national markets in 2024 due to extremely limited vacancy,” she said. “With limited new supply coming to market, and an expanding local population, we believe these positive tailwinds will persist in the medium term. The asset fits in with Centuria’s focus on a “value-add real estate” strategy, given the facility covers only about half the site. Centuria’s fund now has four assets valued about $100 million and with a 3.1-year WALE and 100 per cent occupancy. CSOF’s initial five-year fund term commences from April 2025, targeting a 15 per cent internal rate of return. The Canning Value property was sold via Colliers’ Gavin Bishop and Sean Thomson.. Sale opens up Subi site The Kids Research Institute Australia has sold its Subiaco premises for $21.5m, opening the pathway for more development on the substantial site. Set on a 7075sqm corner block, it was originally developed as a research facility and business headquarters for The Kids Institute, and was later leased to a government tenant when the group moved to Perth Children’s Hospital. Bravestar Group acquired the property at 100 Roberts Road on behalf of a domestic investor, identifying a range of value-add opportunities. Derek Barlow, director of CBRE metropolitan investments and Aaron Desange, Director of capital markets WA, said there were constraints on the supply of medical assets. “The long-term prospects for life-sciences property investments are strong, with the trajectory of medical innovation and behavioural changes at a societal level supporting the growth of the asset class, while the considerable costs for replacement of facilities is likely to see the current constraints on supply continue,” Mr Barlow said. Mr Desange said Subiaco was the most tightly held healthcare precinct in the State. The opportunity to acquire such a substantial and strategic life-sciences asset resonated strongly with investors who have a deep understanding of the sector, he said. Cricketers’ classic catch Renowned as the home to indoor cricket for 40 years, Seamer Sports in Balcatta has sold to two former cricketers. The 3133sqm property on Corbusier Place has sold for $3.2m to Ty Hopes and Clint Hinchcliffe. It traded as Seamer Sports for decades and is considered a staple in the Balcatta community as home to more than 80 cricket teams and junior indoor soccer. The pair had in recent years been the leaseholders of the property, and intend to keep the business running. It was built more than 40 years ago by the Calautti family. Mr Hopes played for WA two decades ago in the under-23s team, while Mr Hinchcliffe played in the national T20 league for Melbourne until 2023. Sold by Burgess Rawson’s Luke Randazzo and Ben Flanagan, it got more than 50 enquiries from local and interstate buyers. “Balcatta is a premier suburb in the northern corridor and always attracts a high level of interest due to the tightly held nature of the area,” Mr Flanagan said. Playing around for 21 years The $20m redevelopment of Collier Park Golf Course is set to tee off after the City of South Perth endorsed agreements between the city and its new operators. Clublinks Management Pty Ltd will lease the city-owned course for 21 years. There was no debate as the formal agreements for the deal were approved by council. The agreement allows Clublinks to begin preparing a detailed redesign, to advertise for tenders for construction, and submit a development application to the WA Planning Commission. The $19.8m redevelopment will update the facilities around the 27-hole golf course and 18-hole minigolf course. However, there are no changes for the greens, which will remain open during construction. The new amenities include a restaurant/cafe, an entertainment-based double-storey driving range with new technology, a function space, tennis courts, a retail shop and office space, an all-abilities playground and more commercial/community space. Construction is expected to start later this year.