Fiveight, a company of Tattarang specialising in property development and investment, today announced its entry into an agreement to purchase Perth CBD office tower 190 St Georges Terrace.
Located on the northern side of St Georges Terrace adjacent to the heritage Cloisters building, 190 St Georges Terrace is a 12-level A-grade office building that offers more than 9,200 square metres of leasable floorspace.
In confirming the purchase, Fiveight CEO John Meredith – formerly of private equity group Property Bank Australia, Lendlease, Mirvac and Morgan Stanley – said Fiveight would undertake a selective refurbishment of the building and implement a repositioning strategy.
“Fiveight is excited about acquiring this unique, centrally located asset in Perth’s CBD,” Mr Meredith said. “We see an attractive opportunity to invest in this building and position it as a boutique, A-grade offering for businesses looking for a St Georges Terrace presence with high quality amenity.”
190 St Georges Terrace was originally developed in 1982 by Lord Alistair McAlpine and has undergone several rounds of renovations since.
Mr Meredith said COVID-19 had thrown up new challenges in the commercial office sector, but a physical workplace was “irreplaceable when it comes to culture, communication and innovation”.
“COVID-19 has reinforced the need for building owners to think proactively of the needs of tenants and their employees when it comes to workplace design,” he said. “We look forward to revealing our plans for 190 St Georges Terrace in due course and working with prospective tenants to position them for success in this building.”
Tattarang Chief Investment Officer John Hartman said Fiveight would play a major part in the group’s investment plans in coming years.
“Property is a big focus, you will see us being more and more active in the market both in Western Australia and on the east coast,” Mr Hartman said. “Fiveight has a flexible investment mandate – we look across all asset classes both active and passive. This flexibility and appetite for diversity gives us the broadest potential investment opportunity.
“We are focused on assets where we can add value, but at our core we look for investments that align with our values and provide opportunities to embed sustainability throughout our portfolio.”
Other assets in Fiveight’s portfolio include the Old Swan Brewery, Roe Highway Logistics Park and the recently announced Ningaloo Lighthouse Project, a proposed $85 million redevelopment of the existing Exmouth caravan park. Fiveight is also the preferred proponent to deliver the long-awaited East Perth Power Station redevelopment, alongside Australian Capital Equity.