Council gives green light for Perth Plus tower
Canadian giant Brookfield is advancing the development of Perth’s tallest tower at the gateway of the city’s $2.6 billion Elizabeth Quay precinct, winning council backing for the architecturally striking project.
The City of Perth Council last week gave in-principle support for Perth Plus, which is slated to become the centrepiece of the Elizabeth Quay precinct.
While WA’s Metropolitan Redevelopment Authority is assessing the in-principle application by Brookfield, council endorsed the initial plans.
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If it is approved, Perth mayor Lisa Scaffidi says Perth Plus — designed by acclaimed New York architecture firm REX — has the potential to deliver a landmark development at the central axis of the city’s waterfront.
“A design of this calibre truly highlights the potential of Elizabeth Quay and Perth City as world class tourism drawcards with significant residential, commercial, hotel and retail opportunities that will greatly enhance our city’s viability,” Scaffidi says. She cites the project’s stunning vista and impact on the city skyline and the diverse range of uses.
Brookfield is pursuing a two-tower project using a staged approach as it did when developing Perth’s twin-tower Brookfield Place office development.
Its latest project will comprise a 54-storey tower, a 19-storey tower and a public plaza. The larger tower will have with 15,000sqm of office space, a hotel and apartments on its upper levels. The smaller tower will have offices on its upper floors.
Both buildings will sport luxury retail areas and a public plaza will sit at The Landing and the Elizabeth Quay inlet.
The Australian revealed in May that Brookfield was seeking partners for the luxury hotel component of the riverfront property. The five-star hotel would have 220 rooms, and about 220 luxury apartments are planned for the residential component.
Brookfield had been in exclusive talks to develop the premiere sites — lots 5 and 6 of Elizabeth Quay — since late 2014, but Perth’s office leasing market has been hit by the resources slowdown since then.
The developer in May lodged fresh plans for a large-scale development and tapped real estate firm CBRE to find a capital or take-out partner for the hotel, potentially with an operator that could brand the apartments.
That slice of the project is being keenly sought by offshore investors looking to get into the Perth market as a means of entering Australia. Mixed-use complexes are being developed elsewhere in the precinct and are becoming more common in Australian cities.
Hong Kong-backed Far East Consortium is undertaking The Towers at Elizabeth Quay, which comprises a five-star Ritz-Carlton Hotel and 379 apartments.
Perth identity Adrian Fini has also teamed up with tycoon Victor Goh on another lot at Elizabeth Quay that will also have office, retail and apartments, and education space.
The Brookfield sites are next to energy giant Chevron’s planned headquarters to be built on lots 7 and 8. The WA government in 2015 granted Chevron a two-year delay on its proposed tower.
This article originally appeared on www.theaustralian.com.au/property.
