Billionaire Forrest’s Fortescue Perth Offices Come to Market

Two integrated CBD office blocks fully tenanted by billionaire Andrew Forrest’s Fortescue iron ore firm and expected to fetch $200 million have hit the market in Perth.

The buildings at 256 St Georges Terrace occupy a 5840sqm site with dual frontages to Hay Street. 

On the market are a seven-level tower and nine-level tower connected by a foyer with dual atriums.

The 23,050sq m building is leased entirely to Fortescue and has a combined 280 car bays.

RWC WA agent Brett Wilkins said Perth’s office market fundamentals continued to strengthen, underpinned by constrained future supply.

“Assets of this scale, quality and tenant profile are tightly held, and we expect significant interest through the international expression of interest process,” he said.

▲ The two buildings at 256 St Georges Terrace are 100 per cent tenanted by Andrew Forrest’s Fortescue.

As part of its occupation, Fortescue has upgraded building services and delivered a wellness centre, childcare facilities and staff amenities.

With corporate neighbours including Woodside Energy, KPMG and BDO, the property has a five-star NABERS energy rating and 4.5-star NABERS water rating.

Expressions of interest for the buildings, which RWC WA expects will sell in the $200-million range, are due to close on April 29.