Charter Hall commits to $85m Bankwest Place refurbishment

Charter Hall has committed to the major redevelopment of Bankwest Place due for completion in 2025.

Charter Hall purchased the 22-storey prime office building at 300 Murray Street along with Raine Square, in 2013. Since then, significant renovations to the 1.23hectare (ha) site on Whadjuk land in Perthโ€™s CBD have taken place, firmly securing the precinctโ€™s premier status for locals and visitors alike.

Bankwest Place is the latest site to undergo transformation with the help of local designers, honouring the regionโ€™s distinctive landscape and culture with a reimagined lobby and mezzanine level, exterior faรงade, retail frontage and cafรฉ, right in the heart of the cityโ€™s vibrant Raine Square precinct.

Charter Hall Office CEO, Carmel Hourigan, said, โ€œCharter Hall is proud to be partnering with Western Australian designers and architects from Milieu Creative, to drive a truly local design outcome and unique place experience.โ€

โ€œFrom the look and feel, textures and lighting โ€“ to furnishings, accessibility and practicality โ€“every element has been considered in the effort to create a distinct sense of place and belonging for everyone to experience, appreciate and enjoy.โ€

โ€œCharter Hallโ€™s commitment to redevelop Bankwest Place reflects the flight-to-quality that is taking place across the office sector around Australia, where our tenant customers are seeking sustainable, state-of-the-art, premium amenity workplaces that offer generous and inviting areas to collaborate and connect,โ€ said Ms Hourigan.

Milieu Creativeโ€™s Managing Director, Davina Bester, said, โ€œIt is an incredible opportunity to work with Charter Hall and Built to infuse Bankwest Place.โ€

โ€œThroughout our design process, we have honoured the shapes, colours and textures of the uniquely Western Australian landscape to create the experience of a timeless space with a sense of comfort and warmth that feels like home.โ€

In 2021 Charter Hallโ€™s valued tenant customer relationship with CBA, which owns Bankwest, was extended a further seven-years from 2024, making this commercial office leasing transaction the largest in Perth since 2018.

Bankwest Executive General Manager Jason Chan said, “Bankwest is a national retail banking business founded and headquartered in WA.โ€

โ€œWeโ€™re one of WAโ€™s largest employers of financial services and IT professionals and weโ€™re pleased our head office and national 24/7 contact centre will continue to reside in the heart of a revitalised Perth CBD. By providing flexible, innovative and sustainable workplaces weโ€™re supporting our WA-based colleagues to deliver the best outcomes for our customers and the community.โ€

Bankwest Place is a BSWF Partnership, which includes Charter Hall Prime Office Fund (CPOF), the Group and Canadian pension investor PSP Investments. 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 CHANEL, Tiffany & Co and WA retailer, Kailis Jewellery.

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