New buildings quay to renewed confidence

Shiny shovels brandished by dignitaries including Premier Mark McGowan marked a surge in confidence in Perth symbolised by the official start last Wednesday on Chevron’s new Elizabeth Quay headquarters.

Brookfield Properties, with US investment partner Invesco, are working with builder Multiplex on the $360 million 29-storey premium office tower on the corner of Barrack Street and The Esplanade, expected to have an end value of $800 million.

The tower’s 57,000sqm of office and retail space is said to be ushering in a new era of confidence in Perth’s CBD property market. It will set a new standard “in sophistication and design excellence for premium-grade office space in WA”, Brookfield managing partner Sophie Fallman said.

Multiplex regional managing director WA Chris Palandri said the project, to create 1200 building jobs, is due to be finished in mid-2023.

Chevron’s new Australian headquarters, at One The Esplanade, was first mooted in 2013.

Property Council WA Executive Director Sandra Brewer said there was an intense sense of optimism at the groundbreaking ceremony.

Premier McGowan declared the project strengthened WA’s position as an energy hub, was a sign of Chevron’s commitment to WA and reinforced the fact confidence had returned to the West.

“Key infrastructure projects like these signify long-term investment in WA; they help drive growth, create jobs, draw more people to our city and boost our economy,” Mr McGowan said.

Brookfield Properties also has plans for a twin-tower hotel, office, apartment and retail complex designed by New York architect REX on the neighbouring Elizabeth Quay sites.