Office Leasing Success Credited to Strategic Capex Programme

A $10 million refurbishment strategy has paid dividends for Cape Bouvard at its EQ12 The Esplanade office tower.  

Three full floors and one part floor totaling 3,500sqm have been leased, making it one of the Perth CBD’s most successful A Grade buildings.  

New tenants include MMA Offshore (1,300sqm), the Government (1,057sqm), ADCO Constructions (1,030sqm) and JMD Engineering (194sqm).  

CBRE’s James Phelan and Luke Bray negotiated the leases, all being for a minimum of five years at rentals of circa $550/sqm.  

Mr Phelan said Cape Bouvard’s speculative fitout formula had worked incredibly well.  

“From entry to exit, the building has a consistent theme and carefully designed fitouts. All spaces were leased within 12 weeks of completion and we saw noticeable improvements in the commercial terms as the campaign progressed,” Mr Phelan said. 

“The location of the building in the epicentre of an emerging CBD precinct has been an attraction and we’ve seen tenants moving in from the suburbs as well as some expanding CBD tenants looking to fit on one floor.”  

ADCO’s WA State Manager James Prattent said the move to the new premises has been welcomed by staff. 

“ADCO is extremely excited to secure one of the last remaining leases in this fantastic building. The relocation of our offices to a central Perth location is an important part of our growth here in WA, coinciding with our 50th year in operation nationally. We’re pleased to have secured such a high quality tenancy,” Mr Prattent said. 

Cape Bouvard Manager Tristan Cribb is anticipating a fully leased building by year end.  

“We have been delighted with the market response and with one remaining full floor fit out set for completion by November 2022, we’re thrilled of the progress made since the refurbishment commenced in 2020,” Mr Cribb said.