Frasers Logistics & Commercial Trust (FLCT) says it will be beginning its façade enhancement initiative for its 50%-owned Central Park in Perth, Australia, in mid-2021.
Central Park is a premium-grade, 51-storey tower located in Perth’s central business district (CBD).
According to the REIT, the construction methodology has been “carefully planned” to minimise disruption to its building occupants.
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FLCT’s share of the project value is estimated at A$33.2 million ($34.2 million).
The enhancement follows recent lobby modernisation works at Central Park, which includes a new café and exhibition space in the building. The works were completed in July 2020.
According to Robert Wallace, CEO of the manager, the façade enhancement is “is in line” with FLCT’s asset management strategy and “represents an important undertaking to reinforce Central Park’s appeal as one of the most prestigious and sought-after office locations in Perth’s CBD”. “We expect these enhancement initiatives to raise Central Park’s value proposition and attractiveness to both existing and potential occupiers,” he says.
Units in FLCT closed 3 cents higher or 2.2% up at $1.37 on March 8.
