Channel Nine strikes $1.5m lease with Primewest & Sheffield to relocate to Perth CBD – 18 November 2015

Perth-based fund manager Primewest have negotiated a 2500 square metre office lease with Nine Entertainment Co., owner of Channel Nine Perth, which will see the broadcaster move out of its offices in Daniella in the city’s north to new space in St Georges Terrace in the Perth CBD.

Nine Perth will take space across three buildings, including at 255 St Georges Terrace, two levels in 267 St Georges Terrace, and at 253 St George’s Terrace, where a new studio will be built. The Australian Financial Review estimates the rents to be worth in excess of $1.5 million a year on long term leases in excess of 10 years.

Recent leases on St Georges Terrace have been struck on an average rate of $630 per square metre with incentives currently between 25 and 30 per cent, according to a Savills April 2015 report.

Sheffield Property brokered the lease transaction while Nine Network Australia were represented by Colliers International.

John Bond, executive director of Primewest, said it had taken over 15 months to”We are genuinely thrilled to have Channel Nine commit to our site and we expect their presence to have a profound effect on the western gateway of the Perth CBD,” Mr Bond said.

The new fully digitised studio designed by Cox Howlett Bailey & Woodland Architects will include an outdoor activation area to be called Nine Plaza and an outdoor video wall, adjacent to the Primewest site.

“The new location for Nine Perth is ideally positioned within close proximity to advertising agencies and key media buyers. All going to plan, we will be fully operational in St George’s Terrace in the third quarter of 2016,” said David Mott, managing director of Nine Perth.

Published online by the Australian Financial Review, 11 May 2015.
Photo courtesy of WAToday.

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