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Leasing activity in Perth is on an upward trajectory for AMP Capital following the launch of its ‘repositioning project’ at 140 St Georges Terrace, with 17 commercial leases signed during the last 12 months at the 28 storey, A-grade office tower in a prime CBD location.
AMP Capital Managing Director, Office and Industrial, Luke Briscoe said more than 70 groups have inspected the building this year alone, signalling a significant increase in interest compared to 2016.
“While the market overall is still showing signs of stress, there has been a real upturn in demand for the Perth CBD office market during 2017. Businesses currently located in the suburbs are a large proportion of potential tenants investigating properties in the CBD, together with new entrants to the Perth market.
Both groups are taking advantage of the generous inducements from building owners,” Mr Briscoe said. “As part of our relaunch of 140 St Georges Terrace, we have introduced key initiatives from our ‘Customer Promise’ programme, which helps to differentiate the building and AMP Capital from other CBD offerings.
In addition to genuinely tailoring our commercial offerings to each business, we have introduced a ground floor concierge to create a sense of community; free yoga and boxing classes for our customers; fresh and modern end-of-trip facilities; and soon a new building lobby, which will include a combination of formal sittings areas, a business lounge and new café.
“We’re focussed on creating an environment that delivers an exceptional experience for our customers, their staff and guests. Doing this ensures that those businesses looking for new space in Perth will consider AMP Capital and 140 St Georges Terrace. They can see that everything we are doing is for the customer, which in turn provides a platform for their own business success.”
Of the 17 new leases signed, 13 are new customers to the building including global IT companies Tieto and Hewlett Packard, as well as Environmental Resources Management and Cottee Parker Architects and investment management company Challenger. AMP Capital has also renewed four existing leases.
As part of its push to be more agile and to increase its ability to accommodate a variety of businesses, AMP Capital has fit-out several upper floors suitable for medium-sized, time-poor businesses seeking a ready-to-go workspace.
CBRE Senior Director Andrew Denny partnered with AMP Capital and negotiated the leases.
While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided.