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ISPT Announce $40 Million Redevelopment of ENEX and 100 St Georges Terrace to Deliver Perth’s Urban Commercial Village

Mark Clapham • 22/11/2023
100 St George 100 St George

Leading Australian property fund manager ISPT, owners of enex and its adjoining A Grade office tower at 100 St Georges Terrace, have today announced a $40 million commitment to redevelop the precinct into Perth’s first urban commercial village. 

One of Perth’s most prestigious and connected business addresses, the redevelopment has been designed by Woods Bagot and will see enex and 100 St Georges Terrace transformed to a mixed-use space with added functional amenities and state-of-the-art design to deliver a one-of-a-kind CBD experience. 

To make way for the precinct’s urban commercial village vision, enex’s existing retail and service offering will be condensed over two levels of retail and services, with a new City Canteen and Central Lounge added to level two of the building. 

The new City Canteen will become a vibrant lunchtime dining precinct, with its bright, airy and relaxed atmosphere attracting both city dwellers and office workers. With just over 260 seats, the City Canteen will be buzzing with hungry diners who will have an array of food and beverage outlets to choose from. Finished with modern textures including aluminium mesh curtains, toned lighting and white panelling, the City Canteen brings to life the true urban energy of the new enex. 

The epicentre of Perth’s urban commercial village, the Central Lounge acts as a conduit to seamlessly connect enex’s premium retail space with the City Canteen. Housing over 130 seats, the Central Lounge will feature a number of different seating options which will support both communal and individual lunch opportunities, as well as informal third spaces for work or socialising. Warm and earthy tones will help visitors unwind between the buzz of the City Canteen and the premium retail district looking out onto Hay Street Mall. 

Currently home to retailers including Gorman, Aesop and Decjuba; the reimagined enex will welcome an array of curated retailers to its premium retail district, complementing the City Canteen and Central Lounge on level two. Level one will continue to offer customers a selection of convenience retail, with both floors designed to cater to everything a city dweller needs. 

As part of the redevelopment, the adjoining A Grade office tower at 100 St Georges Terrace will undergo refurbishment to create a state-of-the-art "Future Floor" office space concept on level three, spanning 5,150sqm to host the building’s incoming tenant, South32. 

Perth city’s first true campus-style office in the heart of the CBD, the Future Floor has been designed by ISPT in collaboration with South32 with the aim to transform the city's office landscape and usher in a new era of workplace innovation through its purpose-designed collaboration spaces. 

In a deal brokered by Cushman & Wakefield, South32 will relocate its corporate headquarters to the 100 St Georges Terrace office tower upon completion of the redevelopment, with the additional 6,200sqm of A-grade office space on level three increasing the building’s capacity to host workers. The deal marks the largest office leasing pre-commitment to-date in Perth CBD for 2023. 

Sam Curry, Head of Portfolio (Retail) for ISPT said enex’s new intuitive floor plan has been designed to suit the needs of city dwellers and CBD workers with a curated mix amenity. “The redevelopment of enex and its adjoining office tower at 100 St Georges Terrace reimagines the balance between leisure and work experiences in Perth, blending hospitality, premium fashion, convenience retail and office spaces all under one roof to create Perth’s first urban commercial village. “Split over two levels, our new intuitive design for enex aims to invite visitors into the precinct to shop, meet, dine and relax — with a curated mix of amenities for customers to enjoy,” said Curry. 

Nicole Ward, Head of Portfolio (Office) at ISPT said at the same time, the A Grade office tower at 100 St Georges Terrace will be redeveloped to deliver a new Future Floor concept, which has been purpose-built for incoming tenant South32 on level three. "We are pleased to welcome South32 to 100 St Georges Terrace, a premium office destination in the centre of Perth’s CBD with our thriving retail destination enex right on its doorstep."
“This new partnership demonstrates how ISPT is continuing to meet and exceed the expectations of today’s tenant partners through quality innovative workspaces combined with unique retail experiences. The investment demonstrates our continued commitment to ensuring we have a world-class offering,” said Ward. 
Complimenting the internal changes, upon completion the precinct will also feature a captivating new entry. A new façade erected on St Georges Terrace will create refined street presence and signify the new era for the precinct. 

According to Mark Clapham, Cushman & Wakefield’s Joint Managing Director, WA, the decision made by South32 to lease the commercial space at 100 St Georges Terrace was influenced by the Environmental, Social, and Governance (ESG) factors associated with the premises and the broader ISPT portfolio. 
“The new workspace delivered by ISPT at 100 St Georges Terrace will be an extension of South32’s culture, through a focus on safety, wellness and providing places that foster inclusion, and influence how team members feel and perform.” said Mr Clapham. 
ADCO Constructions has been appointed to deliver Perth's urban commercial village and works are expected to commence in late 2023, with the redevelopment’s completion estimated for early 2025. 

ISPT’s investment in the redevelopment of enex and 100 St Georges Terrace follows the successful completion of the Forrest Chase redevelopment in 2019, highlighting the company’s ongoing commitment to repositioning its assets in the Perth CBD. 

For more information on ISPT visit: www.ispt.com.au 

For more information regarding the leasing transaction please get in touch with Mark Clapham, +61 409 070 807 mark.clapham@cushwake.com.

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