NRW Holdings flags city move in major leasing deal

NRW Holdings has inked a deal to move into the CBD and consolidate with two of its subsidiaries, marking the second largest leasing transaction of the year. 

The ASX-listed mining services company has signed a 10-year lease to occupy 7,950 square metres at 219 St Georges Terrace from June next year. 

NRW will relocate from two buildings in Belmont and will join forces with its subsidiaries Primero and Fredon, which are currently in Herdsman and Bayswater respectively. 

NRW Holdings currently occupies 5,636sqm across two buildings and Belmont, and Primero occupies 3,414sqm. 

The deal, brokered by Cushman & Wakefield WA managing director Roly Egerton-Warburton, is the second largest behind Inpex’s move into 11,200sqm of space at Brookfield’s Nine the Esplanade earlier this year. 

Mr Egerton-Warburton noted that the transaction involved some of the last pieces of contiguous space in the CBD. 

“We’re at a turning point,” he said.  

“Perth’s office market is tightening at pace, with vacancy rates set to fall, and competition for prime space is intensifying.

“Expect acceleration of rents in the coming year, alongside a marked reduction in incentives. 

“We’ll see a shift toward landlord advantage in 2026”

The deal is expected to have a material impact on Perth’s office vacancy rates, which are sitting at 17 per cent according to the Property Council of Australia. 

The seven-storey building has been vacant since Synergy moved from the building to Central Park in mid-2024. 

NRW Holdings will occupy the ground, second, third, fourth, fifth, sixth and sevenths floors, which leaves only the first floor vacant. 

NRW Holdings will reuse the existing fit-out, with the help of consultant Greenchair. 

This way, the company significantly reduced landfill waste and aligned with the principles of the circular economy.