WA health insurer HBF is close to signing a deal to buy a new building to be built in Kings Square as part of a joint venture between Leighton Properties and Seven Entertainment.
A development application has been lodged for the 13,000sqm building, one of seven towers that will make up Kings Square on the site of the former Perth Entertainment Centre.
HBF will sell its existing headquarters, HBF House at 125 Murray Street, which has been its WA base since 1980, but said a decision on the timing of the sale, or if it would involve a lease-back arrangement, had not been made.
The not-for-profit insurer declined to reveal the price of the new building, saying negotiations were continuing.
Kings Square will be a landmark project in Perth City Link, the sinking of a section of the Fremantle rail line that will open up 13.5ha of land between the CBD and Northbridge for new office towers, shops, apartment buildings and public open space.
HBF's group public affairs manager Andrew Walton said the insurer had outgrown its 6500sqm building on Murray Street.
Leighton Properties and Seven Entertainment have lodged three development applications for Kings Square and have received approval for an 11-storey, 19,000sqm tower known as KS2 that will be anchored by Royal Dutch Shell.