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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.
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This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.