Home Business The $ 180 million Tower-backed tower plan is progressing

The $ 180 million Tower-backed tower plan is progressing

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Carrie StokesSupported by Flagship developers, the $ 180 million plan to build a 27-story tower in the heart of King Square is another step closer, and it all makes it clear.

According to documents submitted by Element and Architectus on behalf of Flagship Property Holdings, the Kings Square 5 Commercial Tower offer includes 20 floors of office space, a coworking space and conference center, wellness facilities, restaurants and a tavern.

The building is intended for a 4,153-square-foot site at 580 Wellington Street and is expected to cost $ 180 million to build.

That would be the latest addition to Perth City Link’s $ 5.2 billion, vision master plan Carrie Stokes‘Seven Entertainment, a subsidiary Seven Group Holdingsto whom the site belongs.

According to documents released by the State Land Agency Developed by WAthe plan received support from the agency’s design review committee, headed by Amanda Monolini of Perth, Heims founder Charlie William Heames and managing director of Carabiner David Korotkin.

Despite the fact that the proposal exceeds the maximum height of the building by two floors, the panel found the plan qualitative, visually interesting and consistent with the vision of the site.

“It makes a significant positive contribution to the Perth City Link project area and also responds appropriately to the surrounding context,” the committee report said.

Thus, the group recommended to the Central Committee for Land Reconstruction of Perth to recommend the Council of the Metropolitan Administration for Reconstruction to approve the building.

Business news understands that the committee has gathered to consider the recommendation this morning, but the results of this meeting will not be published until later this week.

If approved, Kings Square 5 will become one of seven towers in the area that have a mix of residential, commercial and office space, surrounded by public areas and parking.

This vision emerged after the publication of the Perth City Government master plan in 2008 to restore a 13.5-hectare space between Northbridge and Perth’s central affairs.

The Kings Square 1, Kings Square 2 and Kings Square 3 towers were pre-sold Dexus Property Group and Dexus The wholesale property fund was worth more than $ 434 million in 2013 and is now occupied by energy giants Shell and John Holland.

The 10-story King Square 4 tower was developed as part of a joint venture between Leighton Properties and a subsidiary of the Seven Group and is occupied by HBF health insurance.

In 2015, Seven Entertainment received approval for the construction of Kings Square 6, where plans for two residential towers of 49 and 43 floors worth $ 190 million were presented.

Mr. StokesSeven Group Holdings is the major shareholder of Flagship Property Holdings with a 48% stake in the company.

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