Brookfield buys Elizabeth Quay site from Chevron to develop energy giant’s Perth headquarters

Developer Brookfield has struck a deal to buy from Chevron the site of the oil and gas giant’s new office building at Elizabeth Quay.

Brookfield will develop the 29-storey tower with Chevron as the anchor tenant leasing about 78 per cent of the office space.

The value of the sale was not disclosed.

Brookfield said construction was expected to begin in mid-2020 and finished three years later. About 1000 people would be employed for development and construction.

The building at the corner of the The Esplanade and Barrack Street will have 54,000 square metres of office space and house about 3000 people.

It will include retail space, food and beverage outlets, a gym and conference and childcare facilities.

“We look forward to delivering a premier building with top-tier amenities and thoughtfully-designed indoor and outdoor spaces to work, relax and socialise,” Brookfield Asset Management managing partner and regional head Australia - real estate Sophie Fallman said.

Chevron has signed a 15-year lease. It obtained Metropolitan Regional Authority approval for the development last December.

“As a leading employer in Perth we are excited about this iconic waterfront development reflecting our long-term commitment to the Perth community and Western Australia,” Chevron Australia managing director Al Williams said.

Premier Mark McGowan said the deal showed confidence in the State’s economy.

“We’ve been committed to making Elizabeth Quay a success, and this development will go a long way to making sure this waterfront asset is a feature of our city for decades,” Mr McGowan said.

Brookfield is also planning developments on two other lots at Elizabeth Quay.