After years of speculation, a $250 million plan to overhaul the Kuwait government-owned St Martins Tower has finally been revealed.
Kuwaiti government-owned St Martins Properties has finally released details on its $250 million plan to convert three Perth skyscrapers into a hotel, office and retail space.
Plans to convert St Martins Centre into a 240-room hotel, 26,000 square metres of premium office space and 2,700sqm of retail and hospitality have been lodged with the City of Perth today.
This follows years of speculation about the property, at 40 to 50 St Georges Terrace, including a failed bid to divest the asset.
Perth consultant DMG Property is working with the owner of the property to redevelop the buildings, believed to be Perth CBD's single largest landholding.
It includes three office towers at 40, 44 and 50 St Georges Terrace, the St Martins Arcade facing the Hay Street mall and heritage assets the McNess Royal Arcade and Bridal House.
The proposal follows attempts by Kuwait government to sell the property, with a bid by Melbourne-based Quintessential Equity falling through in 2023.
Plans to covert the complex into a hotel have been revealed. Image: Woods Bagot
The seven-building development includes 47,124 square metres of net lettable area across a 7,456sqm site, anchored by the 34-storey St Martins Tower.
The Kuwait Government-owned St Martin’s Property Group developed the asset in 1976.
The buildings have become largely vacant in the past few years, with anchor tenants the Industrial and Commercial Bank of China, Korda Mentha and Calibre relocating from the buildings.
St Martins Centre's towers are covered with aluminium composite panels, known as ACP, which is highly flammable and has been banned in new developments in many countries.
Retail and hospitality will form a significant component of the project. Image: Woods Bagot
The proposal is set to enter a three-week public consultation period.
Office conversions are becoming more common as the cost to build new buildings continues to increase.
Last week, Burswood developer SKS Group purchased 178 St Georges Terrace with the intention of turning it into a 100-room hotel.
In 1996, the former Australian Tax Office was converted into the Duxton Hotel.
