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FEATURE Long-term focus drives office outlook

Perth may have the highest office building vacancy rate nationally, but that’s done little to dampen the confidence of investors, developers and real estate agents.

highlighted a part of business life often taken for granted: a physical presence. Workplace culture is a major part of that, according to Redhill Partners partner Oliver Mahé. “We believe the office of the future has to become a destination with a purpose and will be designed with an increased Katie McDonald focus on collaboration, with [email protected] potentially more individu- 8-PAGE FEATURE al-style work completed from home,” Mr Mahé told Business ERTH’S latest lock- News. down provided a stark “The office of the future will P reminder to employers form an important part of an and office landlords of the organisation, as it will be the changing nature of work, where physical manifestation of the staff have the ability to operate company’s culture. remotely at short notice. “Rather than simply clocking CIRCUMSTANCE: One fifth of Perth CBD office stock is now considered vacant. Photo: Gabriel Oliveira But the shift to working from in and out, we believe it will home comes with caveats. become the place of employee Some people find it diffi- creativity and engagement.” last year, but that office leasing activity had picked up again, cult to remain motivated and Mr Mahé’s confidence in the The fact remains that offices and productive in a home environ- longevity of the office is backed with Redhill Partners com- ment, while others can’t juggle by Redhill Partners’ recent $67.8 the CBD will always remain the lifeblood pleting 5,000 square metres of work and family needs (such as million play for a CBD office, office leasing deals in the last children home from school in pushing the Singapore-based of our city centres, and drivers of quarter of 2020. “We are of the opinion lockdown). private investment company up productivity and innovation Many workers find the lack the ranks on the Business News that while the pendulum has of socialisation a major draw- Data & Insights list of commer- - Sandra Brewer swung to a desire to work back of WFH, with this lack of cial property owners, to make from home, it will swing back interaction potentially affect- the top 10 (see page 34). Another selling point was clean slate to get a first-mover in the medium term as all the ing staff morale. Redhill Partners’ recent the notion that Perth was at advantage in delivering a whole intangible benefits of having From an employers’ perspec- purchase, 899-927 Hay Street, the beginning of a rising com- building offering and office the employees together in one tive, the inability to monitor comprises a vacant 14-level modities cycle, which Mr Mahé fitout to the changing tenant place begins to become more staff is a frustration, despite office tower (previously known expected to increase local eco- requirements due to COVID-19. apparent,” he said. several studies showing an as Dynons Plaza and the former nomic activity and demand for “We believe that once the increase in worker productivity headquarters of Chevron), as A-grade offices. pandemic is contained and Leasing activity in some sectors. well as three heritage buildings. “We were [also] attracted to behind us, we will see compa- Perth businesses appear to The property industry is Vendor Stamford Hotels and the opportunity due to the nies begin to return to the office understand the benefits of banking on the downsides of Resorts rejected a $134 million significant discount to replace- and embrace a cultural change, being back in the office more remote working to overshadow offer for the property just over ment cost for a 10-year-old look for new features in office than most, with the CBD’s occu- the upsides in the long run. a decade ago. building, the location, and the buildings, and have refined pancy rate (the percentage of While the pandemic has Mr Mahé said buying at a fact that it is one of the largest requirements for their office staff working from the office as shown the office is part of cyclical low point in the Perth contiguous vacant spaces in the fitouts.” opposed to at home) at the end an asset class that’s certainly office market was one of the market,” he said. Mr Mahé said there had been of last year the highest of all not immune to the whims of factors underpinning the “Additionally, we liked that some initial decision paralysis major Australian capital cities economic events, it has also group’s latest acquisition. we were presented with a among prospective tenants (see graph).

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PB | | PB FEATURE Commercial Property

FEATURE Long-term focus drives office outlook

Perth may have the highest office Property Council of Australia CBD occupancy rates, all major Australian cities size requirements, speculative WA executive director Sandra fitouts, incentives, and a flight building vacancy rate nationally, Brewer said office market to quality were ongoing influ- demand had been an ongoing ences on office demand in the but that’s done little to dampen the challenge for Perth, with the Perth market. CBD having averaged a vacancy Centralisation, where firms confidence of investors, developers rate of 19.7 per cent since Janu- take advantage of CBD condi- ary 2016. tions and relocate from the city and real estate agents. “We know that COVID-19 fringes, was another recurring will have impacts on the way theme, he said. we work, especially when out- “If you want to attract staff highlighted a part of business breaks occur, but the pandemic back to the office, it has to be an life often taken for granted: a won’t last forever,” Ms Brewer environment that’s attractive,” physical presence. told Business News. Mr Postma told Business News. Workplace culture is a major “Business and government “Everyone’s hopeful the part of that, according to Redhill have a critical role to play in [latest] lockdown will only be a Partners partner Oliver Mahé. supporting the return to office short-term blip.” “We believe the office of the workplaces and helping more Source: JLL Research/PCA Mr Postma said enquiries and future has to become a desti- people come back to office inspections throughout Janu- nation with a purpose and will precincts. vacancy at 2 per cent is a good “I think all of us were brac- ary had been promising, driven be designed with an increased “The fact remains that offices sign, especially when you look ing ourselves as COVID hit largely by businesses operating Katie McDonald focus on collaboration, with and the CBD will always remain at what’s happening across the that we’d be in all sorts of trou- in the resources sector. [email protected] potentially more individu- the lifeblood of our city centres, Sydney and Melbourne markets ble, especially when the office Government workspace 8-PAGE FEATURE al-style work completed from and drivers of productivity and where sublease vacancy has vacancy rate is in double digits. requirements also have the home,” Mr Mahé told Business innovation.” more than doubled. “With shorter leases and potential to make big move- ERTH’S latest lock- News. One fifth of Perth CBD office “Our subleasing activity is smaller spaces … maybe that’s ments in the market, with down provided a stark “The office of the future will stock is now considered vacant, ridiculously low when you con- why our end of the market is Sheffield Property last week P reminder to employers form an important part of an with buildings deemed to be of sider what we’ve gone through happening.” securing 8,000sqm of A-grade and office landlords of the organisation, as it will be the B-grade quality reporting the in 2020, and reports that a lot Mr Hay said he had bro - office space for the Department changing nature of work, where physical manifestation of the highest vacancy (28.8 per cent), of people working from home kered several recent deals in of Communities at 130 Stirling staff have the ability to operate company’s culture. followed by C-grade (21.6 per cent). won’t want to come back to the East Perth and Northbridge, Street. remotely at short notice. “Rather than simply clocking CIRCUMSTANCE: One fifth of Perth CBD office stock is now considered vacant. Photo: Gabriel Oliveira Meanwhile, the office office; if that was the case, you including three-year terms for And earlier this year, the state But the shift to working from in and out, we believe it will vacancy rate in West Perth would see sublease vacancy sig- a digital marketing firm and a government revealed plans for home comes with caveats. become the place of employee has remained unchanged since nificantly going up.” dance studio, as well as a one- a new office building in West Some people find it diffi- creativity and engagement.” last year, but that office leas- Early data for January 2021 July 2020, sitting at 22.1 per cent, Tenants requesting short- year term for a migration firm. Perth to accommodate parlia- ing activity had picked up again, cult to remain motivated and Mr Mahé’s confidence in the The fact remains that offices and from the Property Council the precinct’s highest level of er-term leases and smaller He said a number of tenants mentary staff (see map). productive in a home environ- longevity of the office is backed with Redhill Partners com- of Australia suggests Perth’s vacancy on record. floorplates was an emerging approaching the end of their “There’s a couple of big ment, while others can’t juggle by Redhill Partners’ recent $67.8 the CBD will always remain the lifeblood pleting 5,000 square metres of level of office occupancy has However, there was some trend, Mr Bhimjiani said. lease were requesting less enquiries still floating around work and family needs (such as million play for a CBD office, office leasing deals in the last remained high despite the positive news for Perth’s office A recent survey conducted by space, rather than abandoning with Bankwest, Santos and the children home from school in pushing the Singapore-based of our city centres, and drivers of quarter of 2020. recent lockdown, sitting at leasing sector, according to JLL real estate firm Knight Frank the office altogether. like that have the potential to “We are of the opinion lockdown). private investment company up productivity and innovation 66 per cent. Melbourne and manager WA research Ronak revealed 40 per cent of partic- “They may have had a 700sqm kick off a new development,” Many workers find the lack the ranks on the Business News that while the pendulum has Sydney reported the lowest Bhimjiani. ipants chose “we will require floorplate before, their lease has Mr Postma said. of socialisation a major draw- Data & Insights list of commer- - Sandra Brewer swung to a desire to work occupancy rates in the coun- While headcount reductions less space” when asked what come up and now they’re saying, “We could possibly see two back of WFH, with this lack of cial property owners, to make from home, it will swing back try (31 per cent and 45 per cent, and tenant downsizing had the likely impact of COVID-19 ‘We’ll go down to 300sqm, we’ll new towers started over the interaction potentially affect- the top 10 (see page 34). Another selling point was clean slate to get a first-mover in the medium term as all the respectively). translated into an increase in would be on their workplace. hot desk, some of our staff will course of this year when some ing staff morale. Redhill Partners’ recent the notion that Perth was at advantage in delivering a whole intangible benefits of having But office vacancies remain a subleasing activity across all “Previously, on average, ten- work from home’ … the business of the larger space users make From an employers’ perspec- purchase, 899-927 Hay Street, the beginning of a rising com- building offering and office the employees together in one perennial issue for Perth. Australian CBD office markets ants were looking at eight-year world has changed,” Mr Hay said. decisions on what they’re going tive, the inability to monitor comprises a vacant 14-level modities cycle, which Mr Mahé fitout to the changing tenant place begins to become more The Property Council of Aus- in the fourth quarter of 2020, leases, now they’re increasingly That appetite for flexibility to do long term. staff is a frustration, despite office tower (previously known expected to increase local eco- requirements due to COVID-19. apparent,” he said. tralia’s Office Market Report, Mr Bhimjiani said the impact looking at three-year terms,” Mr and smaller space is highlighted “So that will be interesting to several studies showing an as Dynons Plaza and the former nomic activity and demand for “We believe that once the released earlier this month, out- had been less severe in Perth. Bhimjiani said. by flexible workspace providers see if the stay-put option wins.” increase in worker productivity headquarters of Chevron), as A-grade offices. pandemic is contained and Leasing activity lined that Perth and West Perth “Sublease vacancy provides “What they really want is Liberty and Spacecubed, which in some sectors. well as three heritage buildings. “We were [also] attracted to behind us, we will see compa- Perth businesses appear to had the worst vacancy rates of a unique insight into business adaptability, the ability to chop added more CBD space to their Developments The property industry is Vendor Stamford Hotels and the opportunity due to the nies begin to return to the office understand the benefits of any city or city-fringe location sentiment and its implications and change their space.” portfolios in 2020. While there are several banking on the downsides of Resorts rejected a $134 million significant discount to replace- and embrace a cultural change, being back in the office more in the country. on demand for office space,” he That sentiment is echoed by However, it’s also worth office projects planned for remote working to overshadow offer for the property just over ment cost for a 10-year-old look for new features in office than most, with the CBD’s occu- In the six months to January said. Mark Hay Realty Group prin- noting WeWork shed 3,414sqm the CBD, only three are under the upsides in the long run. a decade ago. building, the location, and the buildings, and have refined pancy rate (the percentage of 2021, the Perth CBD vacancy “Companies start subleasing cipal Mark Hay, who said the of space from its portfolio construction. While the pandemic has Mr Mahé said buying at a fact that it is one of the largest requirements for their office staff working from the office as rate increased by 1.6 per cent space to other tenants because same trend was appearing at (shutting down its Northbridge AAIG’s Capital Square project shown the office is part of cyclical low point in the Perth contiguous vacant spaces in the fitouts.” opposed to at home) at the end to 20 per cent, the advent of they just don’t need that space the small end of town. premises) during the same will add 25,200sqm of space to an asset class that’s certainly office market was one of the market,” he said. Mr Mahé said there had been of last year the highest of all COVID-19 unravelling some of anymore. “It’s quite encouraging, the period. the market, due for completion not immune to the whims of factors underpinning the “Additionally, we liked that some initial decision paralysis major Australian capital cities the recovery that had started to “But the fact that we’ve been activity out there from a year Savills WA managing director economic events, it has also group’s latest acquisition. we were presented with a among prospective tenants (see graph). take place in recent years. able to hold on to sublease ago,” Mr Hay told Business News. Graham Postma said besides Continued on page 32

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PB | | PB FEATURE COMMERCIAL PROPERTY

MAJOR OFFFICE DEVELOPMENTS UNDER WAY 8 Mill Green Complex 1 & 5 Mill Street $1b 1 GDI Property Group 45,000sqm New 33-storey tower at 1 Mill Street, upgrade of 5 Mill Street Development application lodged

Brookfield Lots 5 & 6 Elizabeth Quay $367m 2 Brookfield 52,000sqm Two towers (21 and 58-storeys) comprising office, retail, hotel, apartments. Development application approved

One The Esplanade Elizabeth Quay $360m 3 Brookfield 54,000sqm 29-storey office tower, new Chevron headquarters Under construction

Esplanade Plaza Above Perth Bus Port $150m Murray Street 4 Brookfield 9 24,000sqm Hay Street New office tower and redevelopment of bus port Revised development application lodged

Capital Square 98 Mounts Bay Rd 5 $140m 5 AAIG 25,200sqm (Tower 2) 18-storey office tower and 32-storey mixed-use tower (hotel, dining) Under construction

Hawaiian HQ Mercantile Lane $45m 6 Hawaiian Two-storey 900sqm office, part of overall Parmelia Hilton redevelopment Map: Google Maps Under construction

Westralia Tower business, it’s an attractor to “I think the vacancy issue 141 St Georges Terrace Long-term get new staff,” Hawaiian gen- is a function of the fact Perth $40m eral manager office buildings got overbuilt in 2014, when all 7 GDI Property focus drives 9,100sqm Richard Kilbane told Business the buildings went up at King 13-storey hybrid timber/steel office office outlook News. Square … we’re still working our Development application approved “It’s important for collabora- way through it, and what hap- From page 31 tion and career development as pened last year has really just ABN Group HQ well. If a grad is starting their set us back a few years. Leederville Hotel car park site in the second half of this year, career, it’s very difficult to get “So, I can’t see speculative $35m 8 FJM Property with BDO believed to be one of ahead if you’re sitting in your development happening, given 9,000sqm its future tenants. study at home and don’t have where the market is at.” Five-storey mixed-use office building Also under construction is any interaction with the boss Brookfield is the most active Under construction Chevron’s new headquarters at or your work colleagues. office developer in Perth. One The Esplanade, Elizabeth “There’s also a lot of statistics Including One The Esplanade, Parliamentary Precinct Project Quay, which is expected to be out there that people meet their the organisation has four office 1,3 & 5 Harvest Terrace, West Perth $30m completed in 2023. partners through the office projects planned, among them 9 The state government and Pivot Group And Hawaiian is due to shift environment … so if you’re all lots five and six at Elizabeth 6,300sqm from its home at 235 St Georges working from home, all those Quay, which received develop- Four-storey office to cater to parliamentary staff Terrace to a new purpose-built things will struggle.” ment approval last year. Development application lodged two-storey 900sqm office off Mr Kilbane said the office Brookfield regional director Bishop's See North Mercantile Lane in the coming market had been tough for a developments and property 78 Mounts Bay Road, Perth months, as part of the compa- number of years but remained Nick Ozich said the company TBA ny’s $45 million redevelopment an important asset class within had also recently submitted 10 Brookfield of the Parmelia Hilton. Hawaiian’s portfolio. an amendment to its develop- 46,000sqm “We still see the office, and “When the office market ment application for Esplanade New office tower within existing Bishop's See precinct Development application approved most of our tenants do as well, pops, it can be quite attractive Plaza, creating additional as forming a key part of their in terms of its returns,” he said. office space, and that it had an 32 | | 33

PB | | PB FEATURE COMMERCIAL PROPERTY COMMERCIAL PROPERTY FEATURE

“No-one really knows what the largest increase in office MAJOR OFFFICE DEVELOPMENTS UNDER WAY the [COVID-19] vaccine is going vacancies, up 9.5 per cent to 20.6 8 Mill Green Complex to do. per cent as of January 2021. 1 & 5 Mill Street “But the state’s got really Aberdeen in Scotland, and $1b strong fundamentals; it’s got a Houston in the US, both oil and 1 GDI Property Group good solid base of resources and gas-focused economies, have 45,000sqm other forms of work. office vacancy rates above 25 New 33-storey tower at 1 Mill Street, upgrade of 5 Mill Street Development application lodged “As long as they continue to per cent. develop mines and re-invest “In the years ahead, post Brookfield Lots 5 & 6 into the office, the sector will COVID-19 changes to the econ- Elizabeth Quay be strong.” omy and the nature of work $367m will likely see Perth increase its 2 Brookfield Global view 52,000sqm reliance on the resources sector, Two towers (21 and 58-storeys) comprising office, retail, hotel, apartments. Compared to other resourc- particularly iron ore,” Mr Stone Development application approved es-driven cities around the said. world, the Perth office market “The six largest resources One The Esplanade has been relatively steady over firms – BHP Billiton, Rio Tinto Elizabeth Quay the past five years. and FMG [iron ore], Chevron, $360m 3 Brookfield Independent property firm Woodside and Shell (oil and gas) 54,000sqm Y Research undertook an anal- – occupy just under 20 per cent 29-storey office tower, new Chevron headquarters ysis of commodity office space of offices in the Perth CBD. Under construction across 14 global resource hubs “Moves by these companies in 2016 and again in 2021. will have a proportionally high Esplanade Plaza Perth emerged as one of the impact on future occupancy.” Above Perth Bus Port Murray Street few cities on the list to have $150m Outlook 4 Brookfield 9 actually recorded a decrease in 24,000sqm Hay Street vacancies in five years: down A rise in subleasing activity New office tower and redevelopment of bus port from 22.1 per cent in 2016. and falling rents is likely to be Revised development application lodged Y Research director Damian on the horizon for the Perth Wellington Street Stone said the strength of CBD, according to Colliers Capital Square WA’s iron ore sector, the emer- International associate director 98 Mounts Bay Rd 5 10 6 Barrack Street $140m 1 gence of new growth sectors, research and urban economics 5 AAIG 7 and a limited direct impact of Quyen Quach. William Street 25,200sqm (Tower 2) COVID-19 had resulted in Perth Colliers research found that, 18-storey office tower and 32-storey mixed-use tower (hotel, dining) 4 St Georges Terrace recording less market volatility by the end of December 2020, Under construction 2 3 between 2016 and 2021. premium-grade office base Hawaiian HQ “Cities in North America and rents averaged $700/sqm, 1.4 per Mercantile Lane the UK, which have experi- cent lower than the December $45m enced, according to local market quarter in 2019. 6 Hawaiian analysts, ‘a double black swan Average A-grade rents also Two-storey 900sqm office, part of overall Parmelia Hilton redevelopment Map: Google Maps event’ of plummeting oil prices decreased during that period, Under construction and widespread local COVID-19 falling 1.7 per cent. infections, have seen vacancy “The full impact this pan- Westralia Tower business, it’s an attractor to “I think the vacancy issue existing development approval For any of its projects to pro- tower, which is likely to start rates [direct and sub-lease] rise demic has on office space 141 St Georges Terrace Long-term get new staff,” Hawaiian gen- is a function of the fact Perth for stage two of the Bishop’s gress to construction, however, construction in 2021. dramatically in recent years,” demand may take more time $40m eral manager office buildings got overbuilt in 2014, when all See precinct. Mr Ozich said tenant pre-com- On the CBD fringe, ABN Mr Stone told Business News. to flow through, [as] businesses 7 GDI Property focus drives 9,100sqm Richard Kilbane told Business the buildings went up at King “At a general level, Brookfield mitments would need to be Group will soon move into its “Resources cities have largely continue to assess the longer- 13-storey hybrid timber/steel office office outlook News. Square … we’re still working our is very positive of the long-term secured first. new 9,000sqm headquarters in recorded significantly higher term impact of COVID-19 on Development application approved “It’s important for collabora- way through it, and what hap- fundamentals of the Perth “You’ve still got relatively Leederville. vacancies between 2016 and future trading conditions and From page 31 tion and career development as pened last year has really just office market. We’re a strong low land costs in Perth, you’ve Another significant office 2021. office space requirements,” Mr ABN Group HQ well. If a grad is starting their set us back a few years. believer that there’ll be grad- got capital values holding for development planned for “Cities such as Houston, Aber- Quach said. Leederville Hotel car park site in the second half of this year, career, it’s very difficult to get “So, I can’t see speculative ual improvement through the well-located and leased assets, Perth’s suburbs is the second deen and Edmonton have seen “Colliers expects more sub- $35m 8 FJM Property with BDO believed to be one of ahead if you’re sitting in your development happening, given market over time,” he said. stable construction costs, and stage of Primewest’s Prime their vacancy rate increase by lease space to come onto the 9,000sqm its future tenants. study at home and don’t have where the market is at.” “Premium office space is tight record-low interest rates, so it is House in Joondalup. more than 7 per cent over this market over the next six Five-storey mixed-use office building Also under construction is any interaction with the boss Brookfield is the most active in Perth; if a tenant is seeking a good time to develop,” he said. Last June, Primewest frame. months as businesses continue Under construction Chevron’s new headquarters at or your work colleagues. office developer in Perth. 2,000sqm or more ... it would be Other significant develop- unveiled its $80 million plans “Capital cities such as Sin- to seek cost efficiencies. One The Esplanade, Elizabeth “There’s also a lot of statistics Including One The Esplanade, difficult to secure now, so new ments in the CBD pipeline for a 12,000sqm office building. gapore and Oslo, which would “Following the insolvency Parliamentary Precinct Project Quay, which is expected to be out there that people meet their the organisation has four office developments that are gener- include GDI Property’s $1 bil- A Primewest spokesperson typically have a more diverse trading moratorium, which 1,3 & 5 Harvest Terrace, West Perth $30m completed in 2023. partners through the office projects planned, among them ally anchored at 75 per cent lion plan for the revamp of its told Business News talks were range of major occupiers, such ended on December 31 2020, 9 The state government and Pivot Group And Hawaiian is due to shift environment … so if you’re all lots five and six at Elizabeth will offer additional space for Mill Street complex, the group under way with potential ten- as government and financial it is possible that there will 6,300sqm from its home at 235 St Georges working from home, all those Quay, which received develop- smaller tenants to move into a submitting a development ants but no commitments had services, have seen vacancy rate be increased incidences of Four-storey office to cater to parliamentary staff Terrace to a new purpose-built things will struggle.” ment approval last year. new facility.” application late last year. been made, and that a formal tighten to under 6 per cent.” business closures from unvi- Development application lodged two-storey 900sqm office off Mr Kilbane said the office Brookfield regional director Mr Ozich said Brookfield was Those plans include a new start date wouldn’t be decided Brazil’s Sao Paulo, an iron ore able businesses, which could Bishop's See North Mercantile Lane in the coming market had been tough for a developments and property actively promoting its planned 33-storey tower at 1 Mill Street, until there was a tenant city, recorded the largest fall contribute to an increase in 78 Mounts Bay Road, Perth months, as part of the compa- number of years but remained Nick Ozich said the company projects in the market and and an upgrade of the existing secured. in office vacancies over that vacancy. TBA ny’s $45 million redevelopment an important asset class within had also recently submitted remained tight-lipped about complex at 5 Mill Street. “The reality is, the office period, contracting from 23.6 “However, there is optimism 10 Brookfield of the Parmelia Hilton. Hawaiian’s portfolio. an amendment to its develop- the identity of prospective GDI Property also recently market is no different to any per cent to 19 per cent. that WA’s recovering resources 46,000sqm “We still see the office, and “When the office market ment application for Esplanade tenants, with the group only received approval for a tim- other business, there’s going Meanwhile, Edmonton in sector and economy will limit New office tower within existing Bishop's See precinct Development application approved most of our tenants do as well, pops, it can be quite attractive Plaza, creating additional talking to existing established ber-steel hybrid office next to to be a bit of uncertainty for a Canada (predominantly centred potential increases in the year as forming a key part of their in terms of its returns,” he said. office space, and that it had an tenants in Perth. its existing Westralia Square while,” Mr Kilbane said. around oil and gas), reported ahead.” 32 | | 33

PB | | PB FEATURE COMMERCIAL PROPERTY

Data & Insights WA’s LARGEST COMMERCIAL PROPERTY OWNERS Ranked by size of total area in m2 and then by total assets

Photo: Gabriel Oliveira

Mr Steven Gillard Mill Green Complex: 197 St Georges (26,336), 5 Mill St (7,148), 1 Mill St (6,648). Westralia Square (32,635), 1 Adelaide 5 — GDI Property Group Managing director 98,747 Terrace (19,967), 180 Hay Street (4,925), 251 Adelaide Terrace (1,088)

Mr John McBain 111 St Georges Terrace (18,896), Havelock House West Perth (4,856), 144 Stirling Street (11,042), 42-46 Colin Street, 6 — Centuria Group chief executive 87,011 West Perth WA (8,439), 45 Francis St (22,013), William Square Northbridge (21,765)

Mr Lim Chow Kiat 7 — GIC Real Estate Chief executive 57,788 The Quadrant (23,309), Exchange Tower (34,479)

Mr Jonathan Callaghan 8 — Investa Property Chief executive 54,679 QV1 50% (31,260 (Total: 63,964), Subsea7 House (11,447), Wellington Central (11,972)

Mr Oliver Mahe 899-927 Hay Street (14,360), 441 Murray Street (5,841), 45 St Georges Terrace (10,097), 28 The Esplanade (15,263), 18 9  Redhill Partners Partner 53,344 Brodie Hall Drive Bentley (4,350), 12-16 Catalano Road Canning Vale WA (3,433)

Mr Keith Stephens 10 — Perth Diocesan Trustees Executive officer 51,143 235 St Georges Terrace (17,836), QBE House (19,807), City of Perth Library (3,500), 565 Hay Street (7,900)

Mr Matthew Lutman Allendale Square (29,070), 585 Hay St Perth - 50% Mirvac, 50% KEPPEL REIT (444.5 (Total:889)), David Malcolm Justice 11 — Mirvac Group Portfolio manager WA 45,010 Centre - 50% Mirvac, 50% Keppel REIT (15,496 (Total: 30,992))

Mr Garth Lovelace 12 — SFR Advisory Group Managing director 41,200 Malaga Markets, Wanneroo Markets

Mr Russell Gibbs 13 — Hawaiian Chief executive 40,283 London House (16,536), Parmelia House (14,351), Parmelia Hilton, Bishop's See 50% (9,359) 430 Roberts Rd Subiaco (1,657), 437 Roberts Rd Subiaco (3,695), 450 Roberts Rd Subiaco (2,198), 100 Havelock St West 14 — Qube Property Group Mr Mark Hector 39,845 Perth (4,670), 170 Railway Rd West Leederville (3,285 JV with WALGA), 999 Hay Street (11,770), Hilton Shopping Centre Managing director & partner (1,900)… Nicholas Ozlanski 15 — St Martins Properties Property manager, WA 39,582 St Martins Tower (21,470), Calibre House (10,661), 40 St Georges Terrace (7,451)

Mr Justin Arter 16 — Cbus Super Chief executive 36,000 one40william (36,000)

Mr Ross Robertson 17 — Perron Group Managing director 34,494 50% Central Park (32,905, (Total: 65,811), Perron Group - 4 Plain St (1,465)

Mr Daryl Browning 18 — ISPT Chief executive 33,038 100 St Georges Terrace (27,000), City Central (6,038)

19 Data & Insights GET THE FULL LIST ONLINE businessnews.com.au/bniq/property-commercial-owners 37

All information compiled using surveys, publicly available data and contact with industry sources. Other companies may be eligible for inclusion. If you believe your company is eligible, please email: [email protected] WND: Would Not Disclose, NFP: Not For Publication, N/A: Not Applicable or Not Available.

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Data & Insights WA’s LARGEST COMMERCIAL PROPERTY OWNERS Ranked by size of total area in m2 and then by total assets

Photo: Gabriel Oliveira

Change from previous Total lettable Rank year Company name Senior executive and title area in m2 Properties owned 1 Forrest Place (6,543), 619 Murray St (3,950), Australia Place (15,626), IBM Centre 1060 Hay St (8,411), Joondalup 1 — Primewest Mr John Bond 194,548 House (4,352), 15 Ogilvie Road (3,828), 267 St Georges Terrace (3,506), 251 St Georges Terrace - 255 SGT (625), 251 St Executive chair Georges Terrace - 251 SGT (9,745), PW Osborne Park, 71 Walters Drive (3,815)... Mr Nick Ozich 2 — Brookfield Regional director, property & 177,744 108 St Georges Terrace (38,396), Bishop's See 235 St Georges Terrace - 50% Brookfield, 50% Hawaiian (8,875 (Total: developments 17,750), Brookfield Place Tower 1 (85,762), Brookfield Place Tower 2 (33,349), EY Building (11,362) Camping, glamping and luxury resorts Mr Kevin George 240 St Georges Terrace (47,275), Kings Square Welling Street - Dexus 50%, Dexus Wholesale Property Fund 50% 3 — Dexus Executive general manager, 116,670 (52,316), Carillon Hay St Perth - Dexus Wholesale Property Fund (5,909), 58 Mounts Bay Road - Dexus Office Partnership office 50%, Cape Bouvard Investments 50% (11,170 (total 22,341)) Humfrey Land Developments knows the beauty of the north 4 — Charter Hall Mr Miles Rowe 116,188 225 St Georges Terrace (20,766), Bankwest Place (43,517), Optima Centre Osborne Park (16,116), 181 St Georges Terrace A number of major Lodge Resort in Exmouth, “Glampers will be able to its region by developing exploring the town,” Regional portfolio manager, WA (3,590), 303 Sevenoaks St Cannington (20,837), Eastpoint Plaza 233 Adelaide Terrace (11,362) development projects and Geraldton’s 1,960-lot look out over the reserve accommodation and tour Mr Humfrey said. underway in the Mid West Wavecrest Estate. bushland and feel immersed experiences that cater to “We’ve already Mr Steven Gillard Mill Green Complex: 197 St Georges (26,336), 5 Mill St (7,148), 1 Mill St (6,648). Westralia Square (32,635), 1 Adelaide 5 — GDI Property Group Managing director 98,747 Terrace (19,967), 180 Hay Street (4,925), 251 Adelaide Terrace (1,088) and surrounding areas are set “We want to create by the nature in an A Class higher yielding tourist decontaminated the site, to bolster the local tourism accommodation options reserve, while only being markets. completed the project IP, industry as the potential worthy of the brilliance of roughly 60 metres away from Humfrey Land completed the earthworks — Centuria Mr John McBain 87,011 111 St Georges Terrace (18,896), Havelock House West Perth (4,856), 144 Stirling Street (11,042), 42-46 Colin Street, 6 Group chief executive West Perth WA (8,439), 45 Francis St (22,013), William Square Northbridge (21,765) for the region becomes Leeman, Geraldton and the beach,” Mr Humfrey said. Developments has plans to and now await approvals to increasingly apparent. Exmouth,” Mr Humfrey said. “And we have the full meet that demand, with the commence the build. Mr Lim Chow Kiat support of the local council development of its luxury “It’s our aim that both the 7 — GIC Real Estate Chief executive 57,788 The Quadrant (23,309), Exchange Tower (34,479) From revamped camping Having purchased Leeman’s sites and fresh glamping tents 3.4-hectare caravan park in who agree the recent boom Norcape Lodge Resort. Leeman Caravan Park and set among the bushland, to a 2004, Leeman Investments in intrastate tourism has been The resort site is the Norcape Lodge Resort Investa Property Mr Jonathan Callaghan 54,679 QV1 50% (31,260 (Total: 63,964), Subsea7 House (11,447), Wellington Central (11,972) 8 — Chief executive two-storey resort overlooking Pty Ltd recently acquired an great for the coastal towns of immediately adjacent to the will help meet the current the ocean; Humfrey Land additional 1.4 hectares of Leeman and Green Head.” town’s completed canal and demand for more diverse Mr Oliver Mahe 899-927 Hay Street (14,360), 441 Murray Street (5,841), 45 St Georges Terrace (10,097), 28 The Esplanade (15,263), 18 Developments’ has plans to land adjacent to the original According to industry-led marina developments and accommodation options in the 9  Redhill Partners Partner 53,344 Brodie Hall Drive Bentley (4,350), 12-16 Catalano Road Canning Vale WA (3,433) make Leeman, along with property, which will be Tourism Geraldton’s Tourism overlooks Exmouth Gulf. north west and attract even Mr Keith Stephens the wider Mid West, a holiday reserved for the ocean-view Charter Report (2017) tourism The site will comprise more visitors to appreciate 10 — Perth Diocesan Trustees Executive officer 51,143 235 St Georges Terrace (17,836), QBE House (19,807), City of Perth Library (3,500), 565 Hay Street (7,900) destination worth pointing out apartments and two-storey within the Mid West’s visitor 212 apartments with onsite these impressive regions. on the map. resort, featuring a restaurant economy is worth $148 million amenities that will include a “We’re also looking forward 11 — Mirvac Group Mr Matthew Lutman 45,010 Allendale Square (29,070), 585 Hay St Perth - 50% Mirvac, 50% KEPPEL REIT (444.5 (Total:889)), David Malcolm Justice Having grown up in and bar. per annum and contributes restaurant serving premium to making headway on with Portfolio manager WA Centre - 50% Mirvac, 50% Keppel REIT (15,496 (Total: 30,992)) Geraldton, it’s been Barry “Leeman is such a wonderful to 5.4 per cent of local locally sourced seafood, a Wavecrest Estate, which Humfrey’s vision to build upon fishing spot and tourist employment with capacity kiosk, retail store, swimming has had the structure plan Mr Garth Lovelace 12 — SFR Advisory Group Managing director 41,200 Malaga Markets, Wanneroo Markets the vibrancy and prosperity of destination, and we need to be to grow. pool, day spa and gym. approved to include a caravan the Mid West since establishing offering more accommodation The Mid West Tourism With top floor suites park, town centre school, Humfrey Land Developments options in the area to meet the Development Strategy, overlooking the Gulf, the northern recreational area, — Hawaiian Mr Russell Gibbs 40,283 London House (16,536), Parmelia House (14,351), Parmelia Hilton, Bishop's See 50% (9,359) 13 Chief executive (HLD) in 1988. growing demand during peak commissioned by Mid West apartments designs range lots ranging from 420 square 430 Roberts Rd Subiaco (1,657), 437 Roberts Rd Subiaco (3,695), 450 Roberts Rd Subiaco (2,198), 100 Havelock St West HLD began with the tourism season,” Mr Humfrey Development Commission from 25m2 with a 2.8m2 metres to one hectare, Mr Mark Hector 68-block Springdale Park said. and Regional Development veranda to 84m2 with an 8m2 and resort.” 14 — Qube Property Group Managing director & partner 39,845 Perth (4,670), 170 Railway Rd West Leederville (3,285 JV with WALGA), 999 Hay Street (11,770), Hilton Shopping Centre (1,900)… in Geraldton and quickly “The apartments will be a Australia, found the number balcony. “I’m excited to progress the Nicholas Ozlanski progressed to larger projects, great addition to the park, one opportunity for the Mid “We’re really excited to plans for the resort, which 15 — St Martins Properties Property manager, WA 39,582 St Martins Tower (21,470), Calibre House (10,661), 40 St Georges Terrace (7,451) including: the 800-lot Seacrest with nice long balconies out West to meet its tourism bring this project to life. will sit on a 20-acre block on Estate, the $46 million the front to watch the sun go potential was to increase Exmouth is such a vibrant top of the Moresby Ranges, 16 — Cbus Super Mr Justin Arter 36,000 one40william (36,000) Broadwater Mariner Resort, down over the water at the accommodation capacity from tourist destination, and this overlooking the ocean,” Mr Chief executive the restoration of the heritage end of the day.” camping through to resorts. will be the perfect platform for Humfrey said. Mr Ross Robertson listed Flour Mill Estate, Following the development “With coastal towns 17 — Perron Group Managing director 34,494 50% Central Park (32,905, (Total: 65,811), Perron Group - 4 Plain St (1,465) and more. of the park extension, which booming during COVID-19 Currently, HLDs most will increase the park from thanks to intrastate travellers, 18 — ISPT Mr Daryl Browning 33,038 100 St Georges Terrace (27,000), City Central (6,038) significant projects include 140 sites to 219, Mr Humfrey I think people are just Chief executive the development of the intends to revamp the existing beginning to wake up to the Leeman Caravan Park, which amenities. beauty of the area’s north of 19 is set to undergo a dramatic Glamping options will also Perth,” Mr Humfrey said. transformation next year, be instated off the back of the According to its Investment Property Development and Sales Data & Insights GET THE FULL LIST ONLINE businessnews.com.au/bniq/property-commercial-owners starting with the development site, offering visitors a chance Prospectus (2021), the Shire • 37 of ocean-view apartments, the to experience comfort in a of Exmouth is focused on • www.hld.com.au All information compiled using surveys, publicly available data and contact with industry sources. Other companies may be eligible for inclusion. If you believe your company is eligible, please email: [email protected] development of the Norcape natural environment. increasing visitor spend to • (08) 9964 8028 WND: Would Not Disclose, NFP: Not For Publication, N/A: Not Applicable or Not Available.

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PB | | PB FEATURE COMMERCIAL PROPERTY

property, that’s our view,” Mr Pat- rick said. “The experiences during COVID really did show that; we accrued 97.5 per cent of our expected rental Investors income during the COVID period and that compares well to some of the other traditional commercial target property sectors.” The Property Council of Aus- tralia found Australia’s commercial landlords outlaid an estimated $4 medical billion-plus last year, as a result of rental relief and assistance under the commercial tenancies code, implemented in light of COVID-19. property “It’s a very good real-world example of the defensive nature of health care, and tenants wer- en’t immune to COVID,” Mr Patrick said. “There was certainly a decline in some volumes, but not sufficiently enough that their ability to pay rents was affected.” Barwon entered the WA market in 2017 with the acquisition of Vasse Medical Centre and has added four more assets to its WA portfolio during the past 18 months. Mr Patrick said while the group did not have a preference in terms of asset location, the discounts available in WA boosted its appeal relative to the east coast. The group’s latest WA acqui- ACTIVITY: Derek Barlow says the cumulative value of WA medical asset sales in 2020 was almost double that of 2019. sition was the Murray Medical Centre in Mandurah, located close to the 260-bed Peel Health Campus. Health care assets are becoming increasingly attractive to commercial The $14.2 million deal was brokered by CBRE and follows several property investors seeking to diversify and de-risk their portfolios. recent transactions in the local health care sector, including the Katie McDonald Mr Patrick said that, as gov- institutional-grade asset class, is 14 years, new hospital leases are $22.9 million sale of a three-storey [email protected] ernments held a large portion of would emerge, which I think it typically 20 to 25 years, or even up multi-tenanted medical facility at assets, health care real estate had really has done now.” to 40 years; it’s pretty rare you see 2 Civic Boulevard in Rockingham. EALTH care real estate not historically been on the radar That growth factor, coupled that duration of lease lengths in The property was purchased was a relatively untapped of large domestic institution- with the pandemic, Mr Patrick traditional commercial property.” by ASX-listed real estate fund Hmarket in Australia when al-grade fund managers. said, had helped accelerate interest By comparison, the WALE for manager Elanor Investors Group Barwon Investment Partners But the class has been top-of- in the space. office and retail typically sits and was the organisation’s fourth bought its first medical-related mind internationally for some time. “The events associated with around three to five years, with acquisition since its health care property seven years ago. “If you look at more mature COVID, the recent market volatil- 10-year terms at the high end of investment fund was launched in In the years since, the Syd- markets like the US or the UK, all ity and the change in sentiment the scale, usually bundled with March 2020. ney-headquartered independent the big pension funds and super towards some of those traditional multiple additional year options fund manager has built a more funds have health care as one of asset classes, particularly retail, has for renewal. Sales activity than $1 billion portfolio of health their core strategies,” Mr Patrick meant that people are still looking “We think the risk-reward for CBRE WA capital markets asso- care assets across two strategic told Business News. to place capital in property … but investing in health care is sig- ciate director Derek Barlow said funds, including about $50 mil- “It exhibits defensive attributes; they’re looking at other places they nificantly higher, and has been, property in the health care sector lion worth of property in Western as most people know, health care think they can get secure income- than in traditional commercial had strengthened in the years Australia, according to Barwon is fairly countercyclical and the based returns,” he said. partner Tom Patrick. tenants that we have in our prop- “Health care is a natural place Barwon’s portfolio includes erties are very large organisations to look; it’s non-discretionary in There are considerable growth primary facilities (medical cen- or state governments. nature and it’s often government tres and allied health facilities), “Health care is also a growth funded, so the income that’s gen- opportunities for WA’s health care pathology laboratories, mental industry; the real growth returns erated by our tenants and their health clinics and day surgeries, for health care in Australia have ability to continue to pay rent is property sector, particularly for as well as large tertiary health been about four and a half per cent. very strong. mental health, medical research and care facilities, such as private “So, it would be natural that “The weighted average lease hospitals. health care real estate, as an expiry (WALE) of one of our funds medi-tourism assets - Derek Barlow

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PB | | PB FEATURE COMMERCIAL PROPERTY COMMERCIAL PROPERTY FEATURE AUSTRALIAN DIRECT PROPERTY TOTAL RETURNS SINCE 2008 property, that’s our view,” Mr Pat- Australian Direct Property Total Returns Since 2008 rick said. “The experiences during COVID $ 400 really did show that; we accrued m Healthcare total return index 97.5 per cent of our expected rental 50 BARWON ASSETS IN WA 350 Hotel total return index Investors income during the COVID period Industrial total return index and that compares well to some of following the GFC, with total Office total return index 300 the other traditional commercial returns for health care surging All property types total return index property sectors.” above other asset classes. Rental total return index target 250 The Property Council of Aus- He said the asset class had tralia found Australia’s commercial become more attractive during landlords outlaid an estimated $4 COVID-19, with tenants providing 200 medical billion-plus last year, as a result of an essential service and health rental relief and assistance under care a priority for government 150 the commercial tenancies code, support. implemented in light of COVID-19. “The cumulative value of WA 100 property “It’s a very good real-world medical asset sales over $5 million example of the defensive nature almost doubled from $42 million 50 of health care, and tenants wer- in 2019 to $78 million in 2020,” Mr en’t immune to COVID,” Mr Patrick Barlow told Business News. Jun 11 Dec 11 Jun 17 Jun 18 Jun 12 Jun 13 Jun 14 Sep 11 Jun 15 Jun 16 Jun 19 Mar 11 Jun 10 Dec 17 Dec 18 Dec 12 Dec 13 Dec 14 Sep 17 Dec 16 Dec 16 Sep 18 Sep 12 Sep 13 Sep 14 Sep 15 Dec 10 Mar 17 Sep 16 Sep 19 Mar 18 Jun 08 Mar 12 Mar 12 Mar 14 Sep 10 Mar 15 Mar 16 Mar 19 Jun 09 Feb 20 Mar 10 Dec 08 Sep 08 Dec 09 Sep 09 said. “Since October 2020, three Mar 09 “There was certainly a decline in significant health care assets Source: MSCI/PCA Property Digest some volumes, but not sufficiently transacted in WA, and each at a Source: MSCI/PCA Property Digest enough that their ability to pay yield of below 6 per cent. rents was affected.” “These trends are evidence that Barwon entered the WA market the health care property sector in 2017 with the acquisition of has been firmly adopted as a pre- Vasse Medical Centre and has ferred investment class in the WA added four more assets to its market.” WA portfolio during the past 18 Mr Barlow said investors were months. influenced by the long lease-terms Mr Patrick said while the group and high cost of relocating medi- did not have a preference in terms cal facilities, which meant tenants of asset location, the discounts were generally more inclined to available in WA boosted its appeal stay in place, creating a more reli- relative to the east coast. able investment. The group’s latest WA acqui- “As the sector emerges as a ACTIVITY: Derek Barlow says the cumulative value of WA medical asset sales in 2020 was almost double that of 2019. sition was the Murray Medical proven investment class, pri- Centre in Mandurah, located close vate and syndicate investors are to the 260-bed Peel Health Campus. now actively participating in the DEVELOPMENT: The Murdoch Health and Knowledge Health care assets are becoming increasingly attractive to commercial The $14.2 million deal was bro- market, particularly in the sub $20 SOLD: The Murray Medical Centre in Mandurah recently Precinct will accommodate a range of medical facilities kered by CBRE and follows several million bracket,” he said. sold for $14.2 million. as well as residential and commercial space. property investors seeking to diversify and de-risk their portfolios. recent transactions in the local At the other end of the market, health care sector, including the sales activity has also ramped up, Katie McDonald Mr Patrick said that, as gov- institutional-grade asset class, is 14 years, new hospital leases are $22.9 million sale of a three-storey particularly for smaller day clinics. The diversity and prevalence of exception of major industrial Working with Burtonwood commercial office space, retail, res- [email protected] ernments held a large portion of would emerge, which I think it typically 20 to 25 years, or even up multi-tenanted medical facility at One of the most recent transac- health care tenants was another properties in Perth’s eastern Investment Partners to identify idential dwellings and a medihotel. assets, health care real estate had really has done now.” to 40 years; it’s pretty rare you see 2 Civic Boulevard in Rockingham. tions was the $2 million sale of a appealing attribute. suburbs.” and secure land, Sophron plans to Stage one, featuring the medi- EALTH care real estate not historically been on the radar That growth factor, coupled that duration of lease lengths in The property was purchased character building in West Perth Independent property group build a 62-bed centre on a 2.1-hec- hotel is expected for completion was a relatively untapped of large domestic institution- with the pandemic, Mr Patrick traditional commercial property.” by ASX-listed real estate fund to Perth cosmetic surgeon Guy Y Research analysed 50 suburbs Developments tare site about 1.5 kilometres from in 2022. Hmarket in Australia when al-grade fund managers. said, had helped accelerate interest By comparison, the WALE for manager Elanor Investors Group Watts. across Perth and found that each, A lack of facilities in certain Busselton town centre. The $256.7 million expansion Barwon Investment Partners But the class has been top-of- in the space. office and retail typically sits and was the organisation’s fourth The deal was brokered by Ray on average, was likely to contain pockets of the health care market Sophron said there were cur- of Joondalup Health Campus is bought its first medical-related mind internationally for some time. “The events associated with around three to five years, with acquisition since its health care White Commercial WA senior 15 medical occupiers: general prac- was another factor likely to drive rently no private inpatient facilities another major medical develop- property seven years ago. “If you look at more mature COVID, the recent market volatil- 10-year terms at the high end of investment fund was launched in commercial property adviser tices, dentists, physiotherapists long-term demand, Mr Barlow said. for acute mental health needs in ment in the works. In the years since, the Syd- markets like the US or the UK, all ity and the change in sentiment the scale, usually bundled with March 2020. Brett Wilkins, who said the health and pharmacies. “In recent years, there has been an the whole of the South West. Multiplex was awarded the ney-headquartered independent the big pension funds and super towards some of those traditional multiple additional year options care sector had remained resil- Y Research director Damian undersupply of WA mental health Greenfield developments, co-lo- early contractor involvement fund manager has built a more funds have health care as one of asset classes, particularly retail, has for renewal. Sales activity ient despite the issues caused by Stone said the corporatisation facilities, and with the additional cated with private hospitals, is tender in January, with expansion than $1 billion portfolio of health their core strategies,” Mr Patrick meant that people are still looking “We think the risk-reward for CBRE WA capital markets asso- COVID-19. of medicine had been another challenges for the community another emerging trend shaping work expected to be completed by care assets across two strategic told Business News. to place capital in property … but investing in health care is sig- ciate director Derek Barlow said Mr Wilkins said he expected catalyst for driving significant … from the COVID-19 pandemic, the health care property sector. late 2025. funds, including about $50 mil- “It exhibits defensive attributes; they’re looking at other places they nificantly higher, and has been, property in the health care sector appetite for medical-related prop- demand for medical assets across demand has far outstripped supply That includes the state’s larg- “There are considerable growth lion worth of property in Western as most people know, health care think they can get secure income- than in traditional commercial had strengthened in the years erty to continue to grow, in line metropolitan and regional WA for these assets,” he said. est medical-related property opportunities for WA’s health care Australia, according to Barwon is fairly countercyclical and the based returns,” he said. with the anticipated growth in from listed and unlisted property “With the state government’s development, the $200 million property sector, particularly for partner Tom Patrick. tenants that we have in our prop- “Health care is a natural place health care services, due to popu- funds. record $306 million in additional Murdoch Health and Knowledge mental health, medical research Barwon’s portfolio includes erties are very large organisations to look; it’s non-discretionary in There are considerable growth lation increases and the growing “This demand has focused on funding towards mental health Precinct, which is being developed and medi-tourism assets,” Mr primary facilities (medical cen- or state governments. nature and it’s often government number of older Australians. GPs, private pharmacies and major services, we are now seeing a pipe- by Hesperia in partnership with Barlow said. tres and allied health facilities), “Health care is also a growth funded, so the income that’s gen- opportunities for WA’s health care Other key influencing trends, specialists such as radiology,” Mr line of developments planned or DevelopmentWA. “Australia’s performance through pathology laboratories, mental industry; the real growth returns erated by our tenants and their he said, included the increase in Stone told Business News. under way to cater for this.” The 9.6ha site, adjacent to the recent COVID-19 pandemic has health clinics and day surgeries, for health care in Australia have ability to continue to pay rent is property sector, particularly for free-standing (day only) hospital “Demand for high-quality med- Sophron Healthcare recently Fiona Stanley Hospital, will be made our economy and health care as well as large tertiary health been about four and a half per cent. very strong. mental health, medical research and activity and the rise in the number ical assets would likely outstrip lodged a $20 million proposal for developed into several buildings system even more attractive to our care facilities, such as private “So, it would be natural that “The weighted average lease of people covered by private demand for all other commer- a new South West Regional Mental accommodating aged care facil- South-East Asian neighbours and hospitals. health care real estate, as an expiry (WALE) of one of our funds medi-tourism assets - Derek Barlow health insurance. cial property assets, with the Health Hub. ities, medical suites and centres, the world as a whole.”

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PB | | PB Data & Insights Commercial Property Showing 6 of 3,702 SPECIAL REPORT Commercial centre sells for $16m Greenfields Commercial Centre is the latest acquisition for Perth- based Mair Property Funds. The mixed-use ... commercial centre in Mandurah is the second asset to be purchased under Mair Property Funds ’ MPF Diversified ... Cash said. Property industry flags immigration, CBD ahead of state poll property industry. Photo: Gabriel Oliveira By Jordan Murray Property Government Ministerial roles ... overseeing immigration, investment, population and Perth’s CBD are just a few changes the property industry ... will lobby for ahead of the state election. That’s according to the Property Council of Australia WA ... Ord St overhaul boosts office occupancy The three-storey building features 1,105sqm of lettable area. Perth office vacancies rise office market in our annual commercial property feature in the next magazine edition of Business News, ... Gabriel Oliveira By Katie McDonald Property Perth has maintained its position as the city with the most ... empty offices in Australia, with the CBD office vacancy rate hitting 20 per cent. The Property Council ... ‘Nothing is off the table’ regarding rates, Zempilas Basil Zempilas has affirmed his support for incentives to help resolve commercial vacancies in ... Perth’s CBD. Property Government A $30 million plan to build a seven-storey apartment ... green light. The development, spearheaded by property development and investment company Australian ... $40m CBD office one step closer Environmental conservationists fighting ... Perth’s first ocean pool,12,000sqm of retail and commercial spaces, 550 boat pens, 320 trailer parking ... commence in the coming months, with completion expected by mid-2022. GDI Property Group ...

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