In a significant move for Perth’s commercial property market, NRW Holdings, the ASX-listed mining services powerhouse with a market cap of approximately $2.3 billion, has signed a 10-year lease for 7,950 sqm at 219 St Georges Terrace.
The deal, brokered by Roly Egerton-Warburton, Cushman & Wakefield’s Managing Director, WA, marks one of the largest office transactions in Perth CBD for 2025.
NRW’s decision to relocate from Belmont and consolidate with its subsidiary Primero (currently based in Osborne Park) and Fredon (currently based in Bayswater) underscores a growing trend: major corporates are moving from suburban locations into the heart of the city. This strategic shift aims to create a campus-style office environment in Perth’s CBD core, positioning NRW closer to key clients and stakeholders.
Sustainability played a central role in NRW's decision, demonstrating a commitment to environmental responsibility and corporate well-being. The building offers outstanding health-oriented amenities that encourage active lifestyles and enhance staff well-being.
By reusing the existing fitout with support from the consultant Greenchair, NRW will significantly reduce landfill waste, aligning with the principles of a circular economy. The building's strong NABERS rating highlights its energy efficiency and operational sustainability, while its central CBD location promotes greater use of public transport, thereby lowering emissions from vehicle commuting. The company's move was driven by a desire to implement sustainable workplace practices that minimise environmental impact while promoting employee health and convenience.
This move comes amid NRW’s high-profile growth trajectory, including its recent acquisition of Fredon Industries, further cementing its reputation as a dominant force in mining and infrastructure services.
Roly Egerton-Warburton of Cushman & Wakefield said,
“This transaction is a great example of a leading WA business creating a modern workplace and a ‘campus style’ HQ. 219 St George Terrace will provide an exceptional opportunity for NRW to attract and retain the best talent. It is a highly unique offering, and very well suited to NRW who have a clear vision for the campus.”
219 ST Georges Terrace was one of the last opportunities for contiguous space in Perth’s CBD, a fact that will not go unnoticed by market watchers.
“We’re at a turning point. 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”
