Work on the development is scheduled to start next year and is aimed at meeting the demand for high-quality offices in Perth, by far the largest city in Western Australia.
The planned office tower at 950 Hay Street will sit next to the Melbourne Hotel and incorporate a total of 118,000 sq ft of office space across 12 floors, according to a report from local newspaper the West Australian.
The new development will sit opposite the QV.1 tower, which is currently the fourth largest building in Perth, and there are expected to be various cross-over benefits for business users in terms of the conferencing facilities available at the nearby hotel.
The Hay Street offices in Perth’s central business district will be offering floor plates sized between 7,500 sq ft and 10,000 sq ft and a high-profile location in an area known for its links to the Western Australian oil and gas industry.
Colliers International and Knight Frank have been enlisted to lease the offices, with Neil Kidd from the former property firm telling the West Australian he fully expects demand for the space to be strong.
Demand for high-quality office space in Perth has been rising in 2011 in large part because of dramatic growth seen within the city and the region’s mining industry.
Analysis from the property group Savills released in late September suggested that the supply of offices in the CBD tightened significantly in the third quarter of the year.
“The mining, utilities and industry sector now accounts for 55 per cent of the Perth CBD office leasing profile,” said Savills managing director for Western Australia Paul Craig.
“With over $170 billion worth of resources projects planned or pipelined for WA, many mining companies are looking for space to expand as their businesses grow,” he added.
Editor’s notes: As of July 2023, according to Google Maps, 950 Hay Street had not been developed into office space.
QV.1 and The Melbourne Hotel were still located on Hay Street.