News

Leasing Update July 2017

Port Village, Port Douglas We negotiated with Calypso Reef Charters to renew their lease for four years commencing December 2016. Dernancourt Shopping Centre We successfully negotiated with Dernancourt Dry Cleaners to renew their lease for five years commencing November 2016. Brassall Shopping Centre We have committed Brassall Butchers to lease shop 2 for five years… read more

Diversified Income Trust

Primewest is excited to announce the launch of the Primewest Diversified Income Trust which will acquire two income producing properties across retail and large format retail sectors whilst providing a diversified income stream from a range of tenants. As the Trust’s initial acquisition, Primewest is under contract to purchase a high quality large format retail centre… read more

Leasing Update

We have had a very busy 6 month on the leasing front across all sectors and States. Below is a summary of our leasing activity. 60 Light Square We committed the National Centre for Vocational Education Research (NCVER) to a seven year lease over the whole of levels 4 and 5 (1,803.90 sqm) commencing April… read more

Fathering Project Corporate Ride

Primewest and Lexus of Perth joined forces to provide the major sponsorship for the inaugural Fathering Project Corporate ride on 5 November 2016.  The event was a great success with in excess of 100 riders taking part in three separate speed categories; the riders were escorted by Lexus of Perth donated cars and finished at… read more

Joondalup Development

Primewest have been successful in securing a significant pre-commitment from the West Australian State Government for 9,600 m2  for a new office development in Joondalup, Western Australia which forms part of the decentralisation plans for government offices. The expression of interest campaign spanned over three years and the Agreement for Lease was executed in mid-2016. The… read more

Primewest Industrial Income Trust No. 2

Primewest are pleased to advise that the Primewest Industrial Income Trust No. 2 now consists of four properties in both Victoria and Queensland and as the trust continues to grow so does the returns to investors. The most recent acquisition, being 26 – 32 Evolution Drive, Dandenong South, Victoria was purchased for $5.625m and settled… read more

Exchange Tower

Primewest’s 50% investment in Perth CBD office building Exchange Tower has already seen a dramatic shift in the building’s leasing profile with vacancy dropping by almost 50% in the last three months. A focused leasing campaign by Primewest and agent Knight Frank has seen vacancy drop from 37.6% to 19.8%, with three multinational tenants attracted… read more

Channel Nine

The Channel Nine development is well advanced with the fitout throughout the Ground Floor and Level 1 of 267 St Georges Terrace underway. The move by Channel Nine to St Georges Terrace will provide a focal point in the upper west end precinct which in turn should aid in attracting tenants to the west end…. read more

Directors update

Message from the Directors While most major property investors have only limited contact with their tenants, Primewest has for many years made strong tenant relationships a cornerstone of our investment strategy and operations. In the current economic environment, particularly the soft Perth office market, this philosophy has underpinned Primewest’s ability to attract and maintain tenants…. read more

Leasing Update

1 Forrest Hassell Architects who occupy the whole of Level 1 and part Level 2 have completed their fitout and taken occupation of the tenancy. We have secured advertising agency, 303 MullenLowe who have taken 660sqm over part Level 2 for a five year term commencing July 2016. 11 Argyle Street Suncorp have agreed to… read more

Directors update

In the six months since our Christmas newsletter, the Australian economy has remained under the influence of low interest rates. Much of the chatter in the press and the investment community has been around the iron ore prices and how this is affecting investor confidence. Despite this commentary, the commercial property market continues to perform… read more

Leasing Update

132 Grenfell Street We have agreed terms for the last remaining retail ground floor vacancy. We successfully committed national retailer City Convenience to a new three year lease term commencing December 2015. Auburn Megamall A new five year lease has been agreed with My Furniture Outlet to occupy 2,960sqm on level three, replacing Paul’s Warehouse… read more

Ride De Cure Sponsorship

On the 10th of October this year Primewest and Lexus of Perth were proud to co-support the inaugural Tour de Cure Perth Community Ride. Our aim was to raise $40,000 to support a Telethon Institute cancer project as well as other cancer research, support and prevention projects, and on the day we were able to… read more

Office Portfolio Sale

Selecting the right property at the right time and at the right price has been the cornerstone foundation of Primewest’s highly successful model. In keeping with our commitment to our investors, in May this year we launched an international sales campaign for one of Australia’s largest office portfolio sales of the year. The timing of… read more

1 Forrest Place

In 2013 the City of Perth launched a plan to re-establish Forrest Place as the vibrant heart of the city. As part of Primewest’s commitment to investing in high value heritage projects we are undertaking a revamp of the heritage listed Commonwealth Bank Building. This is being done in concert with architectural firm Hassell who… read more

North Lakes Project

Development of the 3 lots at North Lakes is now well underway with Lot 64 under construction and due for Practical Completion on 13 August 2015. Lot 958 has strong tenant commitment (approximately 90%) with Development Approval under assessment with the Council. Lot 957 has strong tenant interest with the Development Approval due to be… read more

Primewest Industrial Trust

Generally the overall Australian Industrial market is performing well, with the latest CBRE research indicating positive rental growth in the market in the coming years. Yields are continuing to compress throughout 2015, due to the low interest rate environment and high demand for stock. Against this backdrop, the Primewest Industrial Income Trust continues to perform… read more

Channel 9 move to CBD

In a historical move Channel 9 are relocating from their Dianella home of nearly fifty years to the western end of the Perth CBD. They will be occupying Ground & Level 1 of 267 St Georges Terrace, the whole of 255 SGT and have a purpose built Studio over the parkland at 253 SGT. Their… read more

Leasing Update July 2015

251 St. Georges Terrace We have agreed lease extension terms with RCR Tomlinson Ltd to take Ground, Level 5 & 6 until June 2021 and Level 1 until June 2016 totaling 3,826 sqm. We have also secured a new 5-year lease commencing August 2015 to Goldfields Land and Sea Council over Part Level 4 (494… read more

North Lakes Project

As part of Primewest’s continued efforts to secure high value opportunities throughout Australia, in April 2014 we paid $19.5 million for approximately 65,000 square metres of land at North Lakes, 26km north of Brisbane. The catchment area is anticipated to reach a population of over 230,000 by 2020. Stage One of the Primewest development, which covers just one… read more

265 Parramatta Road, Auburn NSW

Primewest Auburn Megamall is a fully enclosed, two and part three level large format retail centre located on Parramatta Road. During the 2013/14 financial year lease extensions were finalised with Singways, Naturally Timber, Café Cino and four of our major retailers, Snooze, Frisco Furniture, Fantastic Furniture and The Original Mattress Factory. Six new leases were… read more

Esplanade Hotel, Fremantle, WA

It has been almost 18 months since Primewest acquired this iconic and historic hotel. During this period we have undertaken significant improvements to the hotel’s infrastructure and amenities. The capital works have included refurbishment of the lobby, atrium, creation of new restaurants and bar and alfresco areas, swimming pools and the facade of the building…. read more

Primewest Retail Shopping Centre Trust Update

In May of this year we established the Primewest Retail Shopping Centre Trust to acquire shopping centres that comprise a strongly performing supermarket that anchors the other tenancies around it. Port Village Shopping Centre Our first acquisition through the trust was the Port Village Shopping Centre in Port Douglas which we acquired in May for… read more

Leasing Update December 2014

11 Argyle Street – Harbour Park NSW: We have agreed terms with our tenant, Government Property on a further 5 year term from September 14, retaining a solid tenant for the building. 1 Breakfast Creek Road, QLD Earlier in the year we entered into negotiations agreeing surrender terms with Bechtel which had an existing lease… read more

Ride to Conquer Cancer

An intrepid team of 16 riders all looking the part in their new Primewest outfits took off from South Perth early on a Saturday morning, facing a forecast of wet conditions and headwinds.  Battling manfully we survived the first puncture, stayed in a bunch and in spite of a light drizzle (that was actually quite… read more

251 St Georges Terrace Refurbishment

The upgrade of the building lobby, café expansion and forecourt has now been completed creating a bright and contemporary feel for this key asset. The inclusion of new frameless glass auto entry doors, feature zinc wall cladding and new lighting have revitalised the dark and drab lobby. By expanding and reconfiguring the café floor area… read more

Esplanade Lobby Upgrade

Following settlement in January 2013, Rydges were appointed to manage the Hotel. Since then we have upgraded the Hotel’s IT system including the bookings.  We have also completed the hotel upgrade works which have included the lobby, façade, passages and pool areas.  We are planning to reopen a public bar on the corner of Collie… read more

Bunbury Centre Point Shopping Centre Refurbishment

The Bunbury Centre Shopping Centre has performed well for many years but was in need of an upgrade to improve the aesthetic of the centre and modernise the shopping experience for our customers. The work has included: Refurbishment of amenities and parents’ room New internal mall lighting Internal and external painting in a new colour… read more

Recent Aquisition – Fairway Green

We recently acquired the Fairview Green Shopping Centre for $24.75m. Located 21 kilometres north east of the Adelaide CBD, this modern, highly specified centre was purchased well below replacement value. The centre was completed in 2009 comprising 6,645 square metres and features on site car parking for nearly 400 vehicles. Key attributes of the Investment… read more

Directors’ update

Australian market dynamics for 2013 were significantly influenced by economic policy settings in the US, Europe and Japan, in particular their high levels of debt. Compounding these factors was the turbulence in Australia’s federal political environment for most of this year. Following the federal election however we saw a flurry of activity across the property… read more

Recent Acquisitions – Auburn 265 Paramatta Road

Auburn 265 Paramatta Road Homemaker Megamall Auburn is a fully enclosed, two and part three level bulky goods/homemaker centre originally completed in 1999 and subsequently extended in 2004. We  converted an upper parking level to seven additional showrooms, two mezzanine outlets and rooftop parking. The Centre has been more recently upgraded which included modernising and… read more

Directors’ Update

As we fast approach the end of the Financial Year we are pleased to deliver the June Newsletter showcasing another solid performance across the whole business. A fall in commodity prices, economic uncertainty and an overall lack of confidence has created a general softening in all property markets across Australia. Despite this, investment demand has… read more

Welcome Dan Murphys to Primewest Cannington

The recent arrival of the Dan Murphy’s outlet to Primewest Cannington has finally been realised after many years of effort. Following negotiations by us with local government, retail usage was obtained for the property achieving a higher order use for the site. This has resulted in a more attractive rental for the syndicate compared to… read more

Phoenix Business Park Estate

We have delivered one of the largest industrial renewal projects ever undertaken in Western Australia. In June 2007 we paid $57 million for the 38 hectare Amcor paper mill and box plant property with the ambitious plan of sub-dividing the massive site. Located on the corner of Phoenix Road and Sudlow Road the site’s initial… read more

Recent Acquisition – Space 207 and Harbour Park

We have always adopted the mantra of buying well to add value and our latest acquisitions are no exception. Space 207 was completed in 2002 and is prominently located on the block bound by the Pacific Highway, Herbert Street and Reserve Road within the core commercial precinct of St Leonards. The complex comprises two modern… read more

Directors’ update

As the calendar year draws to an end, we are pleased to provide you with our latest newsletter that highlights another positive year across the portfolio. In our continued search for value we have targeted and acquired 6 properties with strong income streams and capital growth potential and believe that all of these will prove… read more

Recent acquisition – Esplanade Hotel Fremantle

We are thrilled to have recently signed a contract to aquire the Esplanade Hotel in Fremantle for $88.5m. This acquisition was gained at a price well below replacement value in keeping with our philosophy of buying well and has potential for adding value through further development of the property. With limited existing competition and a… read more

Recent acquisition – 267 St Georges Terrace

We acquired another key location on the western fringe of the Perth CBD with the purchase of 267 St. Georges Terrace for $21.35m. St Georges Terrace is regarded as the premier address for financial and commercial activity within the Perth CBD. Constructed in 1981 the property comprises a five level office building consisting of 3… read more

Ride to Conquer Cancer

We are always looking to support the community sector and on October 20 we put our money (backsides actually!) where our mouths are and saddled up for a two day charity bike ride. The Sunsuper Ride to Conquer Cancer held its inaugural WA event aiming to raise funds for the Western Australian Institute for Medical… read more