GEORGIOU Capital has been selected as the preferred proponent by the Western Australian government to overhaul the Landgate building in Midland.
The building, which reverts to government ownership in March, will be sold to Georgiou Capital with the state receiving the proceeds from the sale. Georgiou Capital will extensively refurbish of the asset, creating around 370 new jobs across a range of industries including construction, design and engineering, while prioritising the use of local businesses.
The state government had put out the call for solutions for the future of the Landgate building and accommodation options for more than 500 public sector staff in the local area. Landgate will remain as a tenant in the building.
Following the refurbishment, the building will also be available to a range of other government and commercial tenants through a co-working concept proposed by Georgiou Capital.
Due diligence and final negotiations between the state government and Georgiou Capital will now proceed. Georgiou Capital was established by WA-based Georgiou Group in 2008 to act as its property and investment arm.
The Landgate problem and opportunity statement is part of an the government’s market-led proposals policy initiative launched in a bit to stimulate the economy and create jobs as the state recovers from the pandemic.
“This is a tremendous outcome with the State to receive the proceeds from the sale as well as over 500 public sector staff remaining in Midland,” finance and lands minister, Ben Wyatt said.
“The McGowan government is working hard to recover jobs lost during the pandemic, as well as creating thousands more through innovative proposals like this to stimulate the economy.”
Midland MLA, Michelle Roberts this was an opportunity to “reinvigorate the traditional heart of the Midland town centre”.