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Lendlease is making a $350 million play for a famous Perth skyscraper

Lendlease is targeting a famous Perth skyscraper developed in the 1980s by infamous WA entrepreneur Alan Bond.

According to Real Commercial, the listed group’s funds unit is making a $350 million bid for 108 St Georges Tce which comprises 38,332sq m of A-grade office space, with views over the Swan River and Kings Park.

The offer of the St Georges Tce landmark has generated significant local and offshore interest, with other offers coming from local player Centuria Capital.

The office tower also includes the three-storey, 1897-built and heritage-listed Palace Hotel, with that fully refurbished character-style building boasting character offices, conference facilities and ground floor hospitality operated by Meat and Wine Co.

The building has modern end-of-trip facilities, 103 basement car bays and sits on a sizeable 3891sq m corner landholding on the city’s busiest intersection of St Georges Tce and William St.

This is only the second time the St Georges Tce skyscraper has been traded in 30 years as a full interest.

It has also benefited from significant building refurbishment and capital expenditure works over the past decade.

It has a weighted average lease expiry of 3.6 years, and no single occupant represents more than a quarter of the property’s income stream, allowing for retention and expansion of existing tenants and has been billed as having the capacity to generate core plus returns.

Key tenants include global mining and metals company South32, ASX-listed financial services firm Pioneer Credit, Asia’s third largest office space provider The Executive Centre, and global law firm Norton Rose Fullbright.

The St Georges Tce landmark has been marketed by JLL’s Simon Storry, John Williams and Luke Billiau and CBRE’s Aaron Desange, Michael Andrews, Flint Davidson and Nicholas Volk.

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.