This article is from the Australian Property Journal archive
DEXUS has put up the no vacancy sign in Perth’s King Square office complex after signing St John of God Health Care, reflecting the continued flight to quality and businesses relocating from the suburbs into the CBD.
St John of God has leased 5,232 sqm of space in KS1 at 566 Wellington St.
Kings Square is now fully leased 19 months prior to the expiry of the five-year rental guarantee in place since the completion of the development in November 2015.
Dexus executive general manager, office, Kevin George said the lease to St John of God will diversify the tenant mix which also includes the Police and Nurses Bank, BG&E and the federal government.
“We are pleased with our investment in Kings Square which was acquired as a fund through development with Dexus Wholesale Property Fund in 2013. The asset has performed well throughout a challenging period in the Perth market and will benefit from further investment in the precinct as Perth continues its recovery,” he added.
Dexus head of leasing, Chris Hynes said the transaction reflects the continued the flight to quality of established suburban businesses centralising to the CBD.
He added that 89% of new office customers at Kings Square relocated to the CBD.
Australian Property Journal
