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Charter Hall and Cape Bouvard Sign Clough for New Commercial Office Tower in Perth CBD

19/02/2008

Joint Venture partners Charter Hall's Opportunity Fund No.4 (CHOF4) and Cape Bouvard Investments are pleased to announce the signing of Clough Limited to a 12 year lease agreement in Alluvion, an impressive new commercial office tower in the Perth CBD.

Clough Limited has secured 12,560m2 of A-Grade office space at the $220 million Perth CBD office development and will occupy levels 7 to 14, housing around 700 personnel.

Situated at 58 Mounts Bay Road and with direct level access from St Georges Terrace, Alluvion is a 22,500m2 office building which has been designed to embrace the magnificent and panoramic views of the Swan River and Kings Park. The development comprises 14 levels of commercial office space, three levels of secure car parking and a triple height foyer.

Alluvion has been designed to achieve a 4.5 Star Australian Building Greenhouse Rating (ABGR), embracing the latest in environmental design initiatives. Alluvion will be one of the first commercial office towers in the Perth CBD to achieve this level of environmental efficiency.

David Southon, Charter Hall's Joint Managing Director said: "Charter Hall's experience and successful track record in creating A-Grade commercial office buildings has enabled us to gain a better understanding of what tenants such as Clough need from an office environment to ensure a combination of optimal efficiency and productivity. This significant leasing commitment represents another significant milestone contributing to the overall success of Charter Hall's fourth opportunity fund, CHOF4".

Lee Pinkerton, Cape Bouvard's General Manager said: "We are pleased to secure a tenant of Clough's calibre to underpin the leasing of this building particularly as they are an iconic West Australian company. Combined with our own commitment to the upper levels of the building and with the remaining space currently under negotiation we are confident that this building shall soon be fully let. The strong interest in this building demonstrates the confidence of the market in the project and the Joint Ventures' ability to deliver".

The new location will provide an excellent platform from which Clough can maximise its human resources objectives. John Smith, Clough's Chief Executive Officer said: "Re-establishing Clough in Alluvion will enable us to better integrate our functional groups by providing planned accommodation to better cater for all our personnel, including project teams". Adding further "Alluvion will provide us with more enhanced branding in a more visible location, while still remaining close to our key clients".

Alluvion is expected be completed in April 2010 and it is anticipated Clough will move in shortly thereafter.

Jones Lang LaSalle and Savills are close to finalising negotiations with tenants for the remainder of the building and we look forward to making further announcements in the near future.