A landmark A-grade office tower in the heart of Perth’s Elizabeth Quay precinct has hit the market in what is expected to be one of Western Australia’s most closely watched commercial offerings of 2025.
28 The Esplanade, a 20-storey office building with 15,312 sqm of net lettable area on a large 2,352 sqm site with 186 car bays, is being offered for sale via an expressions of interest campaign closing July 4. The asset is being marketed by Cushman & Wakefield’s Nick Charlton, Ben Younger, Mark Hansen and Zaahen Kahn on behalf of Redhill Partners.
Positioned adjacent to the Elizabeth Quay transport interchange and surrounded by newly completed premium-grade towers, the building is currently 89% leased to a diverse tenant mix including AON, CyberCX, Apollo Group, and Wabtec. With strong face rental growth forecast over the next 24 months incoming investors will benefit from the ability to grow the current passing income. Further upside can be captured through value-add initiatives.
“This is a rare opportunity to acquire a core-plus CBD asset with embedded rental growth and leveraging its proximity to Elizabeth Quay,” said Nick Charlton, Cushman & Wakefield’s Director and Joint Head of Capital Markets WA.
“The building’s generous floorplates, panoramic river views, and proximity to major infrastructure projects make it a compelling proposition for investors seeking long-term value in a tightening market.”
The offering comes as Perth’s office market continues to outperform national peers in terms of occupancy and rental growth. A-grade rents have risen 11.8% over the past two years, and Perth CBD’s return-to-office levels are the highest in the country.
Ben Younger, Cushman & Wakefield’s Director and Joint Head of Capital Markets WA, said the buyer profile is expected to be broad.
“We’re seeing strong interest from both domestic institutions and offshore capital, particularly those looking to diversify into high-growth, resource-backed markets like WA,” he said.
“Private investors and syndicates are also active, especially given the asset’s sub-replacement cost pricing and value-add potential.”
Originally built in 1983 and extensively refurbished between 2015 and 2025, the building includes modern end-of-trip facilities, upgraded lifts, and a high-quality ground floor plaza. It also benefits from zoning that allows for future redevelopment, with the proposed Local Planning Scheme No. 3 expected to unlock additional plot ratio potential.
Mr Charlton said “The listing of 28 The Esplanade adds to a growing pipeline of institutional-grade assets coming to market in Perth this year, as investors reposition portfolios and seek exposure to the state’s robust economic fundamentals, including a $76 billion infrastructure pipeline and record population growth”
Elizabeth Quay is underpinned by $440m of government investment in the base infrastructure and now with over $2b in private investment in development of the surrounding buildings with further investment still to come.
The landscape and neighbouring profile for 28 The Esplanade has dramatically changed in the past 24 months with the recent developments of 1 & 9 The Esplanade, providing home to a quality mix of high calibre blue-chip investment grade tenants.
