A 20-storey skyscraper in the Elizabeth Quay precinct has hit the market in one of the biggest listings of the year.

Property watchers will be eagerly awaiting the sale price, which will act as a weather vane for the value of Elizabeth Quay precinct, following its rapid evolution in recent years.

The office tower at 28 The Esplanade sits on a 2352sqm block and includes 15,312sqm of office space and 186 car bays.

The tower is being sold by Singapore-based private investment firm Redhill Partners, which operates from an office in the same building. Redhill purchased the skyscraper for just over $100 million in September 2019.

The tower will lose some of its river views, with the construction of Brookfield’s Fifteen The Esplanade, a 56-level mixed-use development, in a neighbouring lot.

But Cushman and Wakefield is talking up the evolution of the precinct, which has resulted in the property being surrounded by newly completed premium-grade towers, occupied by blue-chip tenants.

The quay has shifted Perth’s core business centre from an east-west stretch along St Georges Terrace, to focus more on the river area, which now includes premium tenants such as Chevron and Brookfield Properties.

The building at 28 The Esplanade is currently 88 per cent leased to tenants including AON, CyberCX, Apollo Group and Wabtec. The 100 per cent freehold interest the building is selling via an international expressions of interest campaign closing July 11.

No local change after east coast buyout

Burgess Rawson in WA will not be affected by the acquisition of its east coast entity by rival CBRE.

Chris Wiese, managing director of the local entity, reassured clients that the local group remained WA-owned and operated.

Mr Wiese and Andrew Graham bought a majority stake in the WA commercial property group in 2022 and will continue leading their local group, with the ACT branch also to remain under existing ownership.

However, the Victorian, NSW and Queensland arms of the national company have entered an agreement to sell to high-profile competitor CBRE.

“Burgess Rawson WA is, and will remain, an independent, 100 per cent locally owned and operated business,” Mr Wiese said.

The CBRE acquisition relates solely to the majority of the Eastern States operations of Burgess Rawson and has no impact whatsoever on the ownership, management, or operations of Burgess Rawson WA or Burgess Rawson ACT.

Australia’s best adviser lives right here

Perth’s Matthew Hughes, managing director of Capital Property Advisory, has been named Australia’s Property Investment Adviser of the Year.

Mr Hughes was recognised on the national stage at the prestigious held by Property Investment Professionals of Australia awards for Excellence, held last week in Brisbane.

Hughes recognised for his “exceptional leadership, technical expertise, and steadfast commitment to client-first, data-driven property strategies”.

His win follows his recent appointment to the PIPA board of directors.

Uni’s shadow looms large

The planned Edith Cowan University campus in the city is continuing to shape investment decisions, with a West Perth property selling amid expectations the area will become a student hub.

The building at 829-835 Wellington Street in West Perth was purchased by a group of local businessmen for $2 million.

The 719sqm site includes a partially leased two-storey commercial building of 480sqm and a single-storey restaurant with 242sqm of space. It is directly opposite the Watertown brand outlet centre and near the planned site of the ECU city campus.

The property is zoned Commercial C3 under the City of Perth Planning Scheme No.2, which allows for significant redevelopment, including a mixed-use commercial and residential project.

Knight Frank’s Jonathan Wong and Zach Schreier negotiated the sale on behalf of an overseas-based buyer-seller.

“The buyer sees long-term value in this location and plans to retain and refurbish the existing improvements in the short to medium term,” Mr Schreier said.

Mr Wong said the location had been a major drawcard.

“West Perth remains a tightly held inner-city precinct with excellent connectivity, amenity, and proximity to the CBD. It stands to benefit significantly from renewed activity along Wellington Street, which is fast becoming Perth’s new student hub.”

Let’s hope all these students are cashed up.

Originally Published : Kim Macdonald | The West Australian | 12 June 2025

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