Colliers International appointed to lease 125 Murray Street, Perth
The new owner of 125 Murray Street has started a $12 million refurbishment that will see the vacant building re-enter the CBD office market with a new façade and a major internal upgrade providing eight floors of modern office space.
Silverleaf Investments, who purchased the building for $8.1 million in 2018, said the renovation would reposition 125 Murray Street as an A-grade office tower in a recently activated pocket of the CBD.
“The eight-month renovation will strip the building back to its core and transform a dated office building into a modern addition to Perth’s office market,” said Silverleaf’s Robert O’Brien.
“When the renovation is finished, the nine-storey building will have a net lettable area of 6,300sqm, including eight levels of office, a balcony, a mezzanine floor, an outdoor rooftop space and basement parking.”
Colliers International’s Dustin May and Daniel Taylor have been appointed to lease the building, which has a typical floor plate of approximately 720sqm.
Formerly the home of health insurer HBF, which owned and occupied the building since its opening in 1980, 125 Murray Street has been vacant for three years.
Mr May said there was good demand for office upgrades from city fringe tenants and existing CBD tenants and a renovated 125 Murray Street would be high on the inspection list.
“We expect interest from tenants seeking single and multiple A-grade floors in a competitively priced building that is well-served by nearby amenity,” Mr May said.
The tower occupies a 1,137sqm site in an up-and-coming section of Murray Street, close to the new QT Perth hotel and just 70 metres from the Murray Street Mall.
Mr Taylor said the refurbishment could also dovetail with leasing briefs for 6,000sqm, allowing a single tenant to occupy the building and secure naming rights.
The building has a city centre zoning and a 5:1 plot ratio which also complements its longer-term redevelopment options. It is also close to the David Malcolm Justice Centre in Cathedral Square, The Westin Perth and Perth train station.
The new-look tower at 125 Murray Street has been designed by Bret White from Cox Architecture. The refurbishment will include new lifts, air-conditioning, bathrooms, end of trip facilities and a new lobby and café.