Redevelopment
In 2001, Futuris Corporation subsidiary Caversham Properties obtained a $30 million option over the site to develop an office tower. In 2002 Futuris unveiled its plans to build a $120 million, 27-storey tower on the site named Century City, and received planning approval for the development. The development would include a large shopping centre and cinema beneath the office tower. The development did not attract sufficient interest from major tenants, and Futuris' option was terminated.
After the termination of Futuris' option, an option to develop the site was taken up by Pivot Group, the private group of Incitec chairman Peter Laurance, in September 2003. At this time, the site was owned by AXA Statutory Fund, and managed by Deutsche Asset Management. On 17 December 2004, the Pivot Group exercised its option to buy the site from Axa Pacific for A$30 million. On the same day, it announced fresh redevelopment plans for the site. The development was undertaken as a joint venture between Incitec and the Industry Superannuation Property Trust (ISPT), the latter of which also owned the nearby Forrest Chase shopping centre. Upon completion, ISPT would take full ownership of the property. In order to facilitate the redevelopment, the properties fronting the Hay Street Mall were purchased by the Pivot Group.
Development approval was received from the City of Perth in April 2004. The project was to be the largest retail development in the Perth central business district since Forrest Chase was completed in 1989. Construction was initially expected to begin in early 2005, and the building was expected to have a value upon completion of A$140 million.
The plans included underground car park as well as a 22-bay loading dock, which was to be used by tenants of the shopping centre as well as other retailers on the Hay Street Mall. However, despite wanting such a loading dock for the mall since 1989, the City of Perth refused to invest public money in the project.
Before construction started, supermarket chain Woolworths took up a 20-year lease over 2,500 square metres (27,000 sq ft) of space in the retail component of the project, out of a total of 15,000 square metres (160,000 sq ft) of total retail space.
The development was structured so that if there was insufficient demand for office space, the office tower would be scrapped in favour of a pure retail development. Due to an economic boom in Western Australia, during planning and construction the retail and office rental markets in the Perth CBD dried up, with vacancy rates falling to record lows. Despite this and rents among the lowest in the Perth office market, the developers had trouble securing an anchor tenant for the office tower portion of the development. The developers confirmed in October 2005 that the construction of the office tower would go ahead without an anchor tenant.
Existing leases over the remaining buildings fronting the Hay Street Mall expired at the end of January 2006, and demolition started in February 2006. The heritage-listed facades of these buildings were retained and incorporated into the new development. Demolition was complete by April 2006, with construction by building company Multiplex expected to get underway by July 2006. By this stage, the cost of the development had been revised to $250 million.
Axiom Properties joined the development on 27 June 2006, investing A$5 million in exchange for half of the profits of the office tower portion of the development.
The first major office tenancy was achieved in March 2007 when Japanese oil and gas giant Inpex signed a 10-year lease over 7,000 square metres (75,000 sq ft) of space across the building's top four floors. This was followed by the National Australia Bank which took up 8,900 square metres (96,000 sq ft) of space in the tower and became its anchor tenant, to enable it to shift from its current location in St Martins Centre. The bank also leased 2,000 square metres (22,000 sq ft) of retail space over two levels to open a new retail headquarters fronting St Georges Terrace, and secured signage rights to the building. Apache Energy also committed to 8,000 square metres (86,000 sq ft) in the building. Closer to the building's completion, NOPSA leased 1,240 square metres (13,300 sq ft) of space, and engineering company Kellogg Brown & Root and subsidiary Geanherne took up 5,295 square metres (56,990 sq ft) of space in the building, bringing it to 97 percent leased. The remaining 3% of available space was taken by Microsoft shortly after completion upon their relocation from QV.1.
During construction, ISPT bought out Axiom Properties' share of the project and renamed it from "Century City" to "100 St Georges Terrace", with the retail component called "enex100". The rationale for this change was to reflect a more modern image, with the former name considered "too conservative". The name "enex100" is apparently derived from the slogan "enjoy and expect the unexpected".
The initial stage of the retail project, made up of shops fronting the Hay Street Mall, opened in mid-December 2008. The second stage of the retail centre was made up of the Woolworths supermarket, JB Hi-Fi and an upmarket food court on the podium level. Woolworths was opened on 8 June 2009, and was the chain's 800th store in Australia. The remainder of the complex was officially opened by Perth MLA John Hyde.
In December 2009, the Greenhouse Perth bar and restaurant was opened at the front of the complex on St Georges Terrace. Designed by Joost Bakker, the building is built entirely of recycled and/or recyclable materials, and was constructed over a 14 day period by a team of workers. The exterior walls of the restaurant are covered with approximately 4000 Strawberry plants, with the internal walls being made of Plywood and insulated with 420 Straw bales. The rooftop bar is also home to a produce garden and worm farm.
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