Charter Hall Group announced that its BSWF partnership, which includes CPOF, the Group and Canadian pension investor PSP Investments, has secured a lease renewal agreement with Bankwest at the Company’s Perth headquarters at 300 Murray Street, known as Bankwest Place.
Building on the Group’s deep tenant customer relationship with CBA, which owns Bankwest, the seven-year lease renewal from 2024 over 31,600 square metres of premium grade office space represents the largest commercial office leasing transaction in the Perth CBD since 2018.
This agreement is in line with BSWF’s strategy to invest in and manage landmark Australian commercial precinct assets with high quality tenant covenants, underpinned by Bankwest’s long-term commitment to the building. This lease increases the portfolio WALE to 7.4 years and complements the adjacent Raine Square, a successful luxury retail precinct developed by BSWF, which includes global brands including Louis Vuitton, Tiffany & Co. and Chanel.
Charter Hall Office CEO, Carmel Hourigan, said, “We are pleased to continue to deepen our existing relationship with CBA and Bankwest and retain a highly desirable tenant customer at Bankwest Place. This agreement reinforces the asset’s desirable location and surrounding amenity, enhancing the overall portfolio WALE with a long-term commitment and an investment grade tenant covenant, in line with BSWF’s strategy.”
Charter Hall Office Head of Portfolio Management, Andrew Borger, said, “Bankwest Place and Raine Square are excellent examples of our precinct strategy where we partner with best in class commercial and retail tenant customers to deliver complementary outcomes for the buildings occupants and their customers.”
The asset’s Murray Street and William Street lobbies are scheduled to undergo extensive upgrade and refurbishment, beginning in early 2022, which will enhance the tenant customer experience and the retail frontage and incorporate new tenant amenities, including a wellness centre and technological upgrades. The works will also incorporate a new café on the refurbished mezzanine level.
Bankwest Place and Raine Square are well-placed to benefit from the new Edith Cowan University campus located opposite the precinct, which is slated for completion in 2025 and is set to enhance the surrounding precinct and contribute to the continued revitalisation of the CBD.