Trophy Tower for sale on St Georges Tce to fetch about $200 million, but will Andrew Forrest seek to buy it?

Two St Georges Terrace trophy towers — including the Fortescue headquarters — comprise the first major listing of the year, seeking about $200 million in an international sales campaign. The seven and nine storey office buildings in the west end of the CBD are being sold by Australian property firm Evergreen Realty Pty Ltd, which initially bought the two buildings in 1993 for $23.1 m. The listing has raised speculation it will appeal to commercial property owner Andrew Forrest, given his mining company fully occupies the entire 23,050 sqm of one of the two buildings. Fortescue has undertaken significant upgrades and fitouts since it moved into the office building in 2024, including a new wellness centre, childcare facilities and premium staff amenities. Mr Forrest already owns major assets in the city through his commercial property arm, Fiveight, including 190 St Georges Terrace and Carillon City. Ray White property agent Andrew Woodley-Page said the listing was one of the most significant CBD buildings to hit the market in many years. “256 St Georges Terrace is one of Perth’s most prominent and institutionally appealing office towers,” he said. “With full occupancy to a globally recognised mining major and significant recent capital investment into plant, equipment and tenant amenities, this is a rare opportunity to secure a true blue-chip asset in the prime western CBD precinct.” The buildings sits across 5840sqm fronting St Georges Terrace and Hay St, and are connected by a common foyer with dual atriums. They share 280 car bays. Co-listing agent Brett Wilkins, also of Ray White, said the listing would appeal to both domestic and offshore buyers. “Perth’s office market fundamentals continue to strengthen, underpinned by constrained future supply, improving vacancy rates and solid net absorption, particularly across A-Grade stock,” he said. “Assets of this scale, quality and tenant profile are tightly held, and we expect significant interest through the International Expression of Interest process.” The building is in the city’s mining and commercial hub, with neighbours including Woodside Energy, KPMG and BDO. The asset has strong sustainability credentials, with a 5-star NABERS energy rating and a 4.5-star NABERS water rating. The listing will join a few other city office towers on the market at the moment, including a 12-storey tower at 81 St Georges Terrace and an 18-floor building at 26 St Georges Terrace. A 20-storey asset, at 28 The Esplanade, and the seven floor building at 16 Milligan St are also seeking new owners.