Saskia Pickles – WA Business News
29 July 2013
Health insurer HBF has completed a deal, foreshadowed earlier this year, to purchase and move into one of the new Kings Square office towers, relocating its 600-strong staff from its existing office in Murray Street.
HBF will own, occupy and sub-let the 10-level KS4 tower, which has about 13,000 square metres of office space, and will be larger than its current premises.
AHBF spokesperson said it was exploring options for how to use the space, particularly for HBF members, including sub-letting offices to health-related service providers.
The $97.8 million KS4 tower in Kings Square is being developed as part of a joint venture between Leighton Properties and Seven Entertainment, a subsidiary of Seven Group Holdings.
Kings Square is being built by Broad, which is a fully owned subsidiary of Leighton Holdings through Leighton Contractors, and is due to be completed in early 2015.
Construction started last month on towers KS1, KS2, and KS3, which were pre-sold to DEXUS Property Group and DEXUS Wholesale Property Fund, in WA’s largest ever pre-sale in the commercial property market.
HBF managing director Rob Bransby said the new offices would be a big change from its current premises where it had been for more than three decades.
“We’ve been in our current premises for over 30 years, so we’re all looking forward to the move to a brighter, fresher new building that will help us achieve our vision of being a health partner to our employees and members, Mr Bransby said in a statement.
Sheffield Property director Digby Sutherland facilitated the transaction and PwC Real Estate Advisory executive consultant David Hobart acted on HBF behalf.
Construction finance was arranged by the Commonwealth Bank.