Exchange Tower, Perth
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Exchange Tower, formerly Exchange Plaza, is a 40-storey skyscraper in Perth, Western Australia. Completed in 1992, the Script error: No such module "convert"., it is the seventh tallest skyscraper in Perth.[1]
Site history and construction
The land on which the tower stands is owned by the historic Weld Club, a gentlemen's club located at the rear of the site, at the corner of Barrack Street and The Esplanade.[2] The land was leased by the Weld Club to the tower's developers for 135 years.[2]
The building was the result of a 50–50 joint venture between Australian Guarantee Corporation (AGC) and the Japanese C. Itoh and Shimizu.[2] Construction on the building started during the 1980s property boom at a cost of between $220 million and $230 million.[2] The tower was built by Multiplex,[3] topping out occurred in mid-1991[4] and construction completed in 1992.[5]
Post-completion
Considered one of Perth's premium office towers,[6] in July 2008 a portion of space halfway up Exchange Plaza was leased for $900 per square metre: the highest cost per square metre ever seen in Perth.[7]
The roof of the building has been used as a base from which to launch shells in the annual City of Perth Skyworks fireworks display.[8]
Ownership
In 1992, Westpac bought out the share in the development of C. Ito and Shimizu, and took over the AGC share in the property.[2] Westpac put the tower's leasehold on the market in late 1996 at a hefty discount to its development cost.[2] The leasehold was purchased in April 1997 by Schroders Property for $106 million. The acquisition was structured as a 50-50 joint venture between the Schroders Property Fund and the unlisted Schroders Private Property Syndicate.[9] This was the largest CBD office purchase since AMP purchased 108 St Georges Terrace in 1994.[10] Control of the building was obtained by AMP Asset Management when it took over the Schroders property portfolios in 1999.[6]
In June 2003, Stockland bought a 50% share in the building.[11] By 2006, the building was jointly owned by Stockland Trust Group and Colonial First State Property PPS Fund.[12] In late 2011, AMP Asset Management purchased Stockland's stake.[13]
In early 2018, Exchange Plaza was renamed Exchange Tower.[14][15] In December 2018, AMP Capital Wholesale Office Fund and Primewest sold the Exchange Tower to the Primewest Counter Cyclical Trust[16] It was included in the 2021 takeover of Primewest by Centuria.[17]
Design
Exchange Plaza was designed by architects Peddle Thorp & Walker.[5][18] It is a steel-framed structure with pre-cast concrete floor panels.[19] The exterior of the building is fully glazed with curtain walls, which step back at the upper levels.[20] The unique blue glass was produced in a one-off batch by Pilkington.[19]
The building features a 150-seat conference centre and uninterrupted river views from most levels[21] all across Perth Water and west all the way to Rottnest Island.[7]
The building has Script error: No such module "convert". of net lettable area[11] across 33 commercial office levels.[5] In addition there are three plant floor levels and five basement parking levels,[5] with 236 car parking spaces.[11] Construction on the southern car park started in January 1998 and finished in May 2000,[20] and involved the construction of the deepest wall that had ever been built in Perth.[20] The complex also includes a 10-storey podium building fronting Sherwood Court.[19]
As part of the development, dining, accommodation, tennis and bowls facilities were constructed for the Weld Club.[19] The existing bowling green of the Weld Club had to be excavated for the construction of the car park, then replaced.[4] In order to preserve as far as possible the historic character of the Weld Club site, the developers had to secure century-old bricks and tiles to integrate the base of the tower with the Club complex.[4]
References
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- ↑ Home Exchange Plaza
- ↑ Home Exchange Tower
- ↑ Primewest, AMP Capital sell Perth's Exchange Tower for $326 million Australian Financial Review 12 December 2018
- ↑ Australia's Centuria Capital to buy Primewest for $462 million Reuters 19 April 2021
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External links
- Official site
- Emporis page on the towerScript error: No such module "Category handler".[<span title="Script error: No such module "string".">usurped]Script error: No such module "Check for unknown parameters".
- SkyscraperPage page on the tower