The multinational property developer has entered a joint venture with the superannuation fund on its Lot 6 development at Elizabeth Quay.
Brookfield and Cbus Property have joined forces to develop a 19-storey office tower at Elizabeth Quay, estimated to cost $500 million.
The multinational property developer, which recently reached practical completion at its One the Esplanade tower anchored by Chevron, owns two adjacent lots in Elizabeth Quay – Lots 6 and 15.
The group started groundworks on Lot 6 in August last year, also known as Nine The Esplanade, and is expected to begin formal construction soon.
Brookfield is building a 19-storey office tower, estimated to cost $500 million, on Lot 6, due for completion in 2025.
It is understood EY and Multiplex plan to move into the building.
Last month, Brookfield told Business News it hoped to build Lot 15, where it has approval for a 55-storey hotel, residential and office tower, and Lot 6 concurrently.
The recent joint venture between Cbus Property - a division of Cbus Super - and Brookfield marks the companies’ second partnership, following the Classic East Melbourne residential development in Victoria.
Under the terms of the joint venture, Cbus Property and Brookfield will deliver an office building with 1,870 square metre floor plates, river views, end-of-trip facilities, a cafe, business lounge, conference facilities and waterfront dining.
Brookfield managing partner and head of real estate in Australia, Sophie Fallman, said Perth was experiencing the strongest market conditions since the 2011 resources boom.
“The global flight-to-quality thematic for real estate is playing out in the Perth office sector, resulting in strong demand for highly sustainable and amenitised premium grade assets,” she said.
“We have strong conviction in the Perth market and are pleased to be developing Nine The Esplanade with our joint venture partner, Cbus Property.
“Launching this prime development is a ringing endorsement of Perth, where the supply fundamentals are the best they have been in some time, and of our world-leading development capability.”
Cbus Property chief executive Adrian Pozzo said the development created an invaluable opportunity to re-enter the Perth office market following the success of 140 William Street 10 years ago.
"It is great to be back,” he said.
“In recognising the prime location of the site in the heart of the landmark Elizabeth Quay precinct, we seized the opportunity to partner with Brookfield to deliver another industry-leading commercial office building for Perth.”
The building will add to Cbus’s $6 billion carbon-neutral national office portfolio.
