Leighton Properties and Seven Group Holdings Announces New Signing at Kings Square, Perth
Michael Barr 29 July 2013
Western Australia’s largest health insurer, HBF, will be the latest corporate to make Perth’s Kings Square precinct its home. HBF will own, occupy and sub-let the KS4 tower, which has approximately 13,000sqm of commercial office space over 10 levels.
Joining other Kings Square tenants, Shell and John Holland, HBF will relocate from their existing premises in Murray Street to the $97.8 millon KS4 tower in Kings Square, which is part of the $5.2 billion Perth City Link project initiated by the State Government.
The KS4 tower is being developed as a joint venture between Leighton Properties and Seven Entertainment, a subsidiary of Seven Group Holdings. It is a continuation of the roll out of Seven Group Holdings’ master plan for Kings Square, a site which was once the home of the Perth Entertainment Centre and which Seven has owned or been a part of for nearly four decades.
Construction at Kings Square commenced last month on towers KS1, KS2 and KS3, which were pre-sold to DEXUS Property Group and DEXUS Wholesale Property Fund in the largest commercial property pre-sale recorded thus far in Western Australia.
Leighton Properties National Head of Commercial, Andrew Borger, said this latest pre-sale of the fourth tower in the project – KS4, is a testament to the outstanding caliber of Kings Square and the vision of HBF. The transaction brings to over $1 billion the total value of commercial towers sold by Leighton Properties in 2013.
“Kings Square is a master-planned precinct that will be the prime commercial, residential and leisure hub in the very centre of Perth,” Mr Borger said.
“The high profile business interest and significant investment in the project reinforces the State Government’s vision in bringing Northbridge and the city together, and the power of collaboration across the Leighton Group.”
He added, “The development at Kings Square brings together the expertise from each of Leighton Properties, Broad Construction and John Holland in the development and construction of commercial and residential towers, and the delivery of underground rail infrastructure to deliver a cohesive precinct.”
Don Voelte, Managing Director and Chief Executive Officer of Seven Group Holdings, said “Seven is proud to be a partner with Leighton Properties in this development which will be an important part of this new precinct for Perth. For more than four decades, Seven has been linked to what is now Kings Square, and we are pleased to be involved in a project that will play a key role in the future of Perth. We welcome the commitment of HBF, Shell and John Holland to this significant project.”
HBF Managing Director Rob Bransby said the new work place was an exciting move for the not-for-profit. “We’ve been in our current premises for over 30 years, so we’re all looking forward to the move to a brighter, fresher new building that will help us achieve our vision of being a health partner to our employees and members,” he said.
Broad Managing Director, Dean Goodliffe said “This is a significant project for the Broad team. It speaks to the success of Broad’s strategic direction and growth of the company and brings our work in hand to over $600 million. The team looks forward to working with Leighton Properties in the development of this exciting new precinct that will further enhance Perth city’s appeal for residents, workers and visitors alike.”
The transaction was facilitated by Digby Sutherland of Sheffield Property, with construction finance arranged by the Commonwealth Bank of Australia. David Hobart of PWC Real Estate Advisory acted for HBF.
For more information
Senior Development Manager
Phone+61 8 9480 1400
Email Michael Barr