If the walls at 140 St Georges Terrace in Perth could talk, they would speak of its transformation from a six-story building with an iconic bronze statue to the tallest building in the city.
They would have tales to tell from its 111-year history, from being purchased by financial services company AMP in 1910, to its acquisition by a joint venture between asset management giant Blackrock and local real estate investment firm Primewest in April.
The partners agreed to pay A$260 million ($202 million; €166 million) for the asset, according to a report by Australia’s Financial Review. The deal is expected to conclude this summer.
The sale from the AMP Capital Diversified Property Fund marks the end of an era, with the fund’s manager AMP having owned the property, known at the time as the AMP Tower, since 1910.
Perth landmark
140 St Georges Terrace began as a six-story building, covered in sandstone and decorated with jarrah, a eucalyptus tree native to Western Australia. The bronze statue at the top of the building was said to symbolize protection. An iconic feature of the city at the time, it can now be found on the western side of nearby Herdsman Lake.
Plans were made to turn the building into a modern skyscraper, and its construction was completed in 1975. The tower held the title of the tallest building in Perth at 131 meters until another skyscraper, Allendale Square, topped out a year later.
The building was used by AMP as its headquarters until 2003. It was occupied again following a successful A$34 million refurbishment completed in 2005 by tenants including the state occupiers Department of Veteran’s Affairs and the Fair Work Ombudsman.
“A significant amount has been spent on capital upgrades in recent years and we see further value creation opportunities for the asset given our on-the-ground team, proactive management approach and in-depth Perth market knowledge,” Primewest’s executive chairman John Bond said following its latest deal.
Primewest has bought into the story of 140 St Georges Terrace so far, and a building of local significance is now in local hands. That will inform what the walls of the building have to say next.
Timeline
1910 Purchased by AMP
1915 Six-story building built with design led by architect Oldham and Cox
1972 Demolished to build a skyscraper in its place
1975 Construction of the skyscraper completes
2003 A$34 million, two-year refurbishment begins
2021 Sold to Primewest and BlackRock for a reported A$260 million
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