Charter Hall has commenced main works construction at its $1.8 billion Chifley South development

Wednesday, 21st Febraury 2024

Charter Hall Group (Charter Hall or the Group) is pleased to announce that it has commenced main works construction at its new $1.8 billion Chifley South development in the super core precinct of Sydney CBD.

The construction contract has been awarded to Built, following completion of an early works contract. Built have completed numerous similar-sized projects for Charter Hall recently, including the 43,000 square metre (sqm) 60 King William Street in Adelaide, as well as the 40,000sqm Australia Post HQ complex in Melbourne, both of which were completed in 2023.

This major construction milestone comes following the City of Sydney granting development approval for Chifley South in December 2023. The Council’s recommendation cited the “high standard of architectural design”, noting that it reflects the desired future character of the area and would have a “positive contribution to the public domain.”

Charter Hall Office CEO, Carmel Hourigan, said, “We’re pleased to have reached this important milestone on schedule and to be working alongside our long-time construction partner, Built. Together we’ve delivered some incredible projects across Australia totalling 150,000sqm in lettable area, with a total on completion value exceeding $1 billion. We are excited to be well on our way to realising our vision for Chifley South and the entire Chifley precinct upgrade.

“Chifley has always been known as a pre-eminent address for the business, finance and legal community in Sydney, and the strong endorsement of Chifley South’s world leading sustainable design further validates our view that this precinct will continue to command the status as Australia’s leading CBD office precinct for premium quality workspace.”

Strong pre-leasing momentum for Chifley South has also continued, with leading Australian law firm Gilbert + Tobin joining international investment bank UBS and Charter Hall Group as future occupants, bringing the pre-commitment level in the building to over 55%.

Set to occupy 9,000sqm across the top seven levels, Gilbert + Tobin will relocate from Barangaroo, benefitting from Chifley South’s prime super core CBD location and exemplar sustainability features, including precinct-wide electrification with 100% of energy from renewable sources. It is also targeting Climate Active Carbon Neutral Building certification.

Gilbert + Tobin’s Executive Partner, Tim Gordon, said, “We are thrilled to be part of the Chifley South development. We’re particularly excited by the project’s emphasis on sustainable design and are really looking forward to what will be a cutting-edge work environment for our team and clients.”

Charter Hall is targeting practical completion in 2027, with the project seeing strong demand for new premium office buildings, as likely new premium quality completions in the coming years remain limited. Upon completion, the precinct is expected to comprise a $3.8 billion two-tower complex owned by a wholesale partnership with some of Charter Hall’s largest wholesale investors, including GIC, VFMC and TelstraSuper.

Charter Hall Managing Director and Group CEO, David Harrison, further commented, “Since our investment into Chifley in 2019, we have worked with our wholesale partners to deliver on our vision to further cement Chifley’s status as a world class example of precinct developments, attracting high quality tenant customers.

“The bifurcation of tenant demand toward the highest quality office accommodation has been further evidenced by this strong level of pre-commitment prior to construction commencement. We are excited by the addition of Chifley South to the CBD landscape as an owner and future occupant of the precinct.”

About Charter Hall Group (ASX: CHC)

Charter Hall is one of Australia’s leading fully integrated property investment and funds management groups. We use our expertise to access, deploy, manage and invest equity to create value and generate superior returns for our investor customers. We’ve curated a diverse portfolio of high-quality properties across our core sectors – Office, Industrial & Logistics, Retail and Social Infrastructure. With partnerships and financial discipline at the heart of our approach, we create and invest in places that support our customers, people and communities grow.

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