MIRVAC SHOWS OFF NEW ALLENDALE LOOK – 3 AUGUST 2016

A new food and beverage precinct will open early next year on St Georges Terrace, with Mirvac Group today unveiling its vision for a redeveloped Allendale Square.

Mirvac Group is spending around $20 million on upgrades at the 31-storey office building, which was once the tallest structure in Perth when it was completed in 1976.

The retail offering in the basement of the building will be revamped and feature 18 food, beverage and service businesses, while the redevelopment will also incorporate two new flagship restaurants on St Georges Terrace.

Along Sherwood Court, the former loading dock of the building will be converted into retail space, with cafe and restaurant tenancies opening onto the street.

Construction is about a quarter of the way complete, with the works expected to be finished early next year.

Lalla Rookh Bar and Eating House will remain at Allendale Square, and is trading through the refurbishment.

Also remaining at Allendale Square is Bellini Barber Shop, a 30-year tenant that is now operating out of a pop-up style outlet in the building’s lobby.

On Level 31, Mirvac will create a showcase office suite by upgrading lift access to the building’s top floor.

Mirvac Group executive of office, Andrew Butler, said the developer and commercial landlord had identified the need to reposition the building, particularly its retail space, shortly after buying it in 2013 for $231 million.

“It didn’t have a great feel. It was very tired, and there was a mixed bag of retailers,” Mr Butler told Business News.

Mr Butler said negotiations with prospective tenants for the new tenancies were proceeding well.

“We really want the best operators and the best mix”, Mr Butler said. “We have done a number of deals and we’re happy with the progress of the leasing campaign.

“Some of the retailers are national retailers that will be coming to WA for the first time; others are operating in suburban areas but not in the CBD.”

Mr Butler said the new-look Allendale Square would also reflect the high-calibre of the building’s tenants, with a large proportion of the office space leased to legal industry players.

“With the calibre of tenants we have in our building we knew we had to deliver a better retail offer and provide a vibrant retail environment for new retailers,” he said.

“The lobby was also not at the level we had in mind for the quality of tenants in the building.

“Around 40 per cent of the building is leased to lawyers and barristers, so there is a certain expectation.”

The redevelopment has been designed by local firm Christou Design Group, while Mirvac has also been working with Assembly + Co, a placemaking firm headed up by Kristi Dempster, who spearheaded CBus Property’s redevelopment of 140 William while working at commercial agency JLL.

Retail leasing at Allendale Square is being handled by Lease Equity, while office leasing for the five per cent of the building that is empty is by JLL and Sheffield Property.

Dan Wilkie – Wednesday, 3 August 2016 – 06:04

https://www.businessnews.com.au/article/Mirvac-shows-off-new-Allendale-look?utm_source=Business%20News%20Mailing%20List&utm_campaign=2e912e6922-dba&utm_medium=email&utm_term=0_e5391356e5-2e912e6922-288124457

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