Alluvion Captures a New Wave of Tenant Diversity

Following a highly successful leasing campaign, Charter Hall Group (CHC), on behalf of it's fourth Opportunity Fund, CHOF4, and Cape Bouvard Investments (CBI) are pleased to announce that their soon to be completed prime Perth office development, Alluvion, is now 100% leased.

Located in the heart of Perth's CBD at 58 Mounts Bay Road, Alluvion is a state of the art, contemporary designed office tower comprising 21 levels of A-grade commercial office space with 22,400m² of Net Lettable Area. Alluvion has been designed to achieve a 4.5 Star NABERS Energy rating and has achieved a 4 Star Green Star Office Design V2 rating.

Perth is witnessing a change in tenant diversity which is providing new opportunities for businesses in Perth. Until recently, mining and resources sectors were the main source of commercial tenants in and around Perth, however with a new shift in industry needs, service suppliers are helping to define a new culture in the Perth CBD. This new growth is reflected in the recent and diverse signings at Alluvion.

Previously signed tenants Clough, North West Shelf Shipping Service Company, Euroz Securities, Savills and Cape Bouvard will be joined by new tenants; multi-national Perdaman Industries, the internationally renowned Sumitomo Corporation with highly successful restaurateur, the Tinelli family scheduled to open a café/cocktail bar at the plaza level of the building.

Formed in 2006, Perdaman Industries will expand its operations leasing 770m² of office space on Level 17. Perdaman Chemicals and Fertilisers, which is part of the Perdaman Industries group, is developing a $3.5 billion urea manufacturing project at Collie, transforming coal into urea using low emissions coal technology.

Sumitomo Corporation, a global, Japan-based group engaged in the import and export of a wide range of products, has secured 350m² on the boutique top floor of Alluvion. Sumitomo's global operation comprises eight business segments: metal products, transportation and construction equipment, infrastructure, media and lifestyle, chemical and electronics, resources and energy, consumer industry and real estate, as well as financial and logistics. Sumitomo's Perth branch office focuses on the supply and service of steel pipe and tube to the country's energy sector. 

The hospitality trade is also benefiting from this new growth and is experiencing an uplift in trade with many new bars and restaurants opening in the Perth CBD, shaping a new wave of cultural change.

Taking advantage of this growth in demand is the renowned and the highly regarded Tinelli family, who have an established reputation for successfully operating up market restaurants such as Ill Principle,Chianti on Collins and Jo Jo's Cafe. Christian and Lidia Tinelli have leased the 101m² café tenancy at Alluvion with plans to develop the space into a cafe/cocktail bar concept. This follows the opening of their Subiaco café in December 2009 which was their first hospitality venture together.

Christian Tinelli commented: "Alluvion aligns with our strategy to create and offer the surrounding area a new and exciting culinary experience in the Perth CBD".

Charter Hall's Leasing Director Emil Joubert said: "Our vision to provide the Perth CBD with high quality office and retail offering has been delivered through Alluvion. The level of commitment from national and international tenants has been a great result and reinforces Charter Hall's development and investment capabilities".

Lee Pinkerton, Cape Bouvard's General Manager said: "It's always pleasing to see another development nearing completion, especially when it is fully leased with such good quality tenants. It's a testament to the quality of the development and the efforts of everyone involved."

Charter Hall Opportunity Fund No. 4 (CHOF4) contracted late last year to sell its 50% stake of Alluvion to the Commonwealth Property Office Fund (CPA) following completion in April 2010. CBI intends to retain its 50% ownership in this high quality, well leased asset.

ENDS

Charter Hall Group is a property funds management and development company, based in Sydney with offices in Melbourne, Brisbane, Perth, Adelaide and Auckland. Established in 1991 and listed on the ASX in 2005 as a stapled security under the code CHC, Charter Hall Group combines Charter Hall Limited with Charter Hall Property Trust, which will now own and/or manage over $10 billion in real estate assets. The Charter Hall Group has achieved a solid track record across its activities demonstrating a
13 year history of managing wholesale and retail capital, making it one of Australia's leading property fund managers.

Charter Hall's success has been underpinned by a highly skilled and motivated management team with diverse expertise across property sectors and risk-return profiles. The Group has also recently been included in the S&P/ASX 200 A-REIT index.

Cape Bouvard Investments is one of Australia's largest privately owned companies renowned for setting new benchmarks in residential living and commercial developments. Cape Bouvard has built a reputation for excellence in development of prime waterfront sites and urban renewal projects. Cape Bouvard's success has been founded on principles of environmental sensitivity and superior levels of quality and design. Our creations reflect these ideals, creating a distinctive point of difference which allows us to provide some of the best real estate development opportunities in today's marketplace.