This article is from the Australian Property Journal archive
THE Western Australian government’s $17.3 million sale of the Landgate building in Midland has become the first project under a market-led process program to reach settlement.
Georgiou Capital was announced as the preferred proponent for 1 Midland Square late in 2020 in response to a problem and opportunity statement issued by the state government.
Georgiou Capital’s proposal involves a 15-year leaseback agreement with the state government to accommodate a larger workforce and a building refurbishment plan, which will see 850 staff working out of the building.
Settlement allows Georgiou Capital to proceed in refurbishing the building with works expected to commence in the coming months and be completed by 2024, providing job opportunities for 370 contractors.
The refurbished building will remain home to Landgate, accommodate staff from the Department of Communities and provide flexible workspaces for public servants from other government agencies to work in Midland.
The state government said it has received over 65 market-led proposals, with the Landgate building the first of seven problem and opportunity statements released by the government to be completed.
“The state government’s market-led proposals policy continues to generate strong interest from industry with around 20 proposals currently under assessment,” WA Planning Minister Rita Saffioti said.
“These proposals present the government with innovative solutions for the delivery of public services, use of surplus government land or buildings or procurement of essential products.
“They also have capacity to return significant benefits to Western Australians such as through this property settlement.”
Lands Minister John Carey said, “This is a fantastic outcome that will not only see the old Landgate building revamped, but will secure a significant state government presence in Midland for many years to come”.
