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Blackoak’s repositioning of Perth commercial office sees global tenants swoon

Jess Freeman • 02/12/2022

In late 2018, Blackoak Capital acquired 146 Colin Street, West Perth from CBH Super Fund and after investing $4 million on a complete refurbishment to ensure a long term reposition of the asset, the building in projected to achieve a 5.5 Star NABERS rating and boasts market leading End of Trip Facilities, which have become a deliverable very much associated with Blackoak’s projects.

146 Colin Street

The building is now fully leased to a range of ASX listed, national and international firms, including Pilbara Minerals (1,800sqm), Allen & Overy Law Firm (550sqm), Marketforce (a subsidiary of Clemenger’s) (610sqm), Alyka Marketing (330sqm), and MBS Insurance (200sqm).

The Exclusive Leasing agents on the building, Mark Clapham and Harry Wise of Cushman & Wakefield, said one of the unique features of the leasing campaign was that the building was fully leased without any speculative fitouts having been complete.

“This is a true testament to the CBD quality level of refurbishment in a market where 80% of the transactions are either completed with an existing or new speculative fitout in place,” said Mark Clapham.

“146 Colin Street is one of the very few buildings in Perth that didn’t employ a speculative fitout leasing strategy to move the space, and as result has attracted a much higher calibre of national and international tenants” he continued.

The building attracted a range of tenants largely from older existing West Perth assets; for example, the relocation for Marketforce was the company’s first move in over 39 years.

Blackoak Capital utilised its inhouse development management capability to provide a turnkey solution on each of the tenant’s fitouts, as well as a turnkey solution on the food and beverage offering, to bring further amenity to the building.

Blackoak Capital adopted a similar approach and strategy to the successful retrofit and repositioning project that they previously delivered at 66 Kings Park Road in West Perth.

According to David Zimmermann – Blackoak Capital, CEO “every office building is approached as a long-term investment where we look to deliver an occupational solution for our customers that lasts beyond the initial lease term.”

According to Harry Wise, “Everything the modern-day tenant would require has been thought of; the building has floorplates with a central core and excellent natural light throughout the workspace and refurbishment works include fully updated office areas, new arrival experience, landscaping and outdoor amenity, refurbished bathrooms and lift lobbies, new state of the art end of trip facilities, on site café, rooftop solar array installation and a generous parking ratio of 1 bay per 70 sqm.”

Favoured for its highly accessible location with easy access to all major arterial routes to the north/south/east/ west and Perth, 146 Colin Street is adjacent to West Perth train station, on the northern fringe of West Perth nestled between two Federation parks Harold Baos Gardens and Totterdell Gardens.

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