The Insurance Commission of Western Australia (ICWA) had been residing in the Forrest Centre on St Georges Terrace, Perth, since its construction was completed in 1986. Spread across eight non-contiguous levels of the building, some staff were still occupying office fitouts from the original construction. Triggered by an upcoming lease expiry date and known building compliance issues, ICWA appointed PropertySolve with provide an strategic accommodation review.
Initial Strategy
An initial office accommodation strategy was commissioned. Through the engagement of all staff, a clear understanding of the business requirements, workplace needs, and future direction was established, as well as an estimate of the optimal NLA required.
With these parameters agreed, PropertySolve’s, adhering to ICWA’s strict procurement protocols, approached the market (including the existing landlord) to identify suitable premises and opportunities that would bring a value for money outcome and improved workplace environment for its staff.
Transaction Management
Premises options assessed and shortlisted, site visits carried out, and intricate lease negotiations completed on a preferred site which met ICWA accommodation requirement.
This resulted in a sub-lease agreement within the Mia Yellagonga precinct with the anchor tenant, which will then transfer to a head lease at their lease end. Critical in these lengthy negotiations was securing a long rent-free period to align with the ICWA existing lease situation, which avoided in any double rent.
The final lease resulted in ICWA securing the top four floors of Tower 2, which had not been occupied since construction was completed in 2021, providing them a blank canvas to complete their office fitout.
Project Management
While lease negotiations were underway, PropertySolve’s implemented a project management plan and procurement strategy to facilitate the design and construction of the 6,660 sqm space.
Setting and agreeing on the initial budget and programme were critical to ensure all parties were clear on the parameters that needed to be met.
It was essential to the project success that the new fitout was fully inclusive for all staff with a key driver being equality for staff with disabilities. In addition, considering the age of the space that staff were coming from it was important to ensure technology, acoustics and modern workplace methodologies were incorporated.
Outcome
The combination of PropertySolve’s Transaction Management and Project Management services from the initial pre market strategy through to physical relocation, has delivered a Value for Money outcome to ICWA.
Simply delivered on time and on budget.
The intricate workplace review undertaken in the initial strategy stage ensured the optimal Net Lettable Area was procured.
This, together with flexible fit out design, will see the Insurance Commission of Western Australia being able to occupy the cost effective office environment to suit its long term needs.
Photos: Evolve Design