Newmont Corporation is set to relocate its headquarters to 500 Hay Street in Subiaco, also known as SubiXO, after a plan from Mineral Resources to move into the building fell through.
Newmont has signed a lease for the entire top floor of the five-storey building, planning to occupy 1,696 square metres of office space and a 419sqm balcony.
The building was complete in early 2020 and Newmont, who will move from its current 388 Hay Street Subiaco headquarters, will be its first office tenant.
Mineral Resources intended to move into the building once it was complete in 2020, but the miner was believed to have raised concerns about structural issues in the building.
The Chris Ellison-led company instead moved to a former BGC-owned site in Herdsman in late 2020.
The building has had a troubled history, with a dispute between Singapore-based Dradgin and original builder Cooper & Oxley Builders leading Dradgin to appoint Doric Group to complete the project midway through 2018.
International hotel chain Park Regis also pulled out of operating the hotel portion of the development prior to its opening.
Newmont regional senior vice president in Australia Alex Bates said the decision to move offices aligned with the company’s commitment to supporting a flexible working environment.
“Employees work in locations that best suit their task – either on site, at home or in the office,” he said.
“To support this, our workplace needs to be a collaborative, flexible space.
Sheffield Property joint managing director Digby Sutherland said the deal with Newmont followed a rigorous market search and assessment process.
“Newmont signing on as our first tenant is testament to the thinking behind 500 Hay, as well as the revival of Subiaco as a desirable location for work, life and socialising,” he said.
Newmont is expected to move into SubiXO by mid-2022.
