Laurence Escalante’s VGW pays top dollar for Perth’s latest room with a view at 9 The Esplanade

Billionaire Laurence Escalante’s VGW Holdings will pay about $2.25 million a year for the penthouse office in the latest skyscraper to hit practical completion in Perth — Nine the Esplanade. Deemed one of the best office vistas in Perth, the building is one of the few in the city with unobstructed views over Elizabeth Quay as well as the Hills. An array of glass and steel edifices — testament to Perth’s resource and property riches — populate the vision to the west, with King’s Park in the background. The 2373sqm office set across the 18th floor and half of the 19th-floor penthouse, which has been leased to VGW Holdings, is a trophy asset in a town renowned for its riches. But having stolen the crown from St Georges Terrace as the premium address in town, is Elizabeth Quay living up to its promise? According to Cliff Winby, vice-president developments for Brookfield Properties, the buzz is building, thanks to steady activation with a host of events over the past nine months. But it has some way to go before hitting peak vibrancy. “It’s going to continue to get momentum,” Mr Winby said. “I think now, with Little Creatures getting under way, that will go a long way to actually starting to get the energy.” The precinct was, on Tuesday lunchtime, populated mostly by workers building the Little Creature venue at the base of the building. There were some officer workers and tourists on scooter tours, but it was not as busy as St Georges Terrace. Mr Winby said the fit-out and occupation of Victor Goh’s two vacant buildings at EQ, which will include a row of shops and restaurants on the western side, will be a game changer. Fit-out for VGW Holdings will soon commence after the new skyscraper — co-owned by Brookfield Properties and Cbus — was recently completed, delivering 33,500sqm of premium office space to Perth. Hub Australia and anchor tenant Ernst & Young have already moved into their office, while equally blue-chip tenants Multiplex, Inpex, Argonaut and VGW and due within a year. Mr Winby said the building was carbon neutral while in operation. It has achieved a 6-Star Green Star Design Review rating, an International WELL Building Institute’s WELL pre-certification, and a NABERS Energy 5.5 stars Design rating, and is targeting a NABERS Water 4 stars rating. Cbus Property’s chief executive officer, Adrian Pozzo, said the skyscraper joins Cbus Property’s $6.6 billion carbon-neutral office portfolio across Australia. “We are proud to deliver a future-ready office building that combines world-class facilities with exceptional sustainability and design,” he said. “Nine the Esplanade reflects our ongoing commitment to create resilient, people-centric developments that offer diverse experiences and adaptable work environments to meet evolving customer needs.” But the massive investment prompts the question of whether office stock is subject to diminishing demand amid the increasing automation of jobs. Cbus project director of commercial, Julian Charlesworth, said it was not a concern, claiming office assets remained strong, with AI likely to supplement the jobs market rather than reduce it. “I think broadly the view would be that it will change the job markets, but I think you will see it supplementing what’s going on, not necessarily reducing the demand for offices as it were,” he said. It sets a new benchmark for Perth CBD workers and will also establish itself as a destination for both locals and visitors.

Laurence Escalante’s VGW pays top dollar for Perth’s latest room with a view at 9 The Esplanade

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