The vision for Sydney's George Street
Charter Hall launched the start of construction for their 333 George Street office building project last night, with the support of Lord Mayor Clover Moore.
The new office building at 333 George Street will include 12,500 square metres of open, flexible office space on 15 levels, aiming to be part of the wave of flexible working, or hot-desking, that has been an increasingly popular trend. It has been designed by Grimshaw and Crone Partners, with construction partners Watpac.
It also includes 2,100 square metres of retail at street level. The entire development is valued at $250 million.
Typical office spaces will be 970 square metres in adaptable configurations, and the entire building is targeting a 5 star NABERS rating.
Moore explained to Property Observer that the revitalization of George Street is one of the city's larger current ongoing projects, and will take some years to complete. While surrounding laneways such as Angel Place will be the focus of revitalisation efforts, Moore pointed to Town hall as a potential next project.
Speaking at the construction launch, held at 1 Martin Place, Moore said developments like the 333 George Street project are Sydney needs to stay abreast of its international competitors.
However, the journey has not been straightforward for the site. This was Charter Hall's third acquisition, and among all of their $7 billion worth of office buildings, managing director David Harrison said it was one of their most exciting. They have 100% ownership as the developer, through Core Plus Office Fund.
Despite being an early acquisition, it took some time for the project to be completed. Harrison said that the GFC did delay the project, but that it was always a “crappy building in a magnificent location… Martin Place is the business core of Sydney CBD”. The existing building, that's currently in demolition phase, is a 1970s construction.
The building is neighboured by retail outlets including Louis Vuitton, Burberry and an Apple store.
Tenant pre-commitments for the development are being sought, with completion expected for mid-2016.
Charter Hall is well known for their Melbourne work on 171 Collins Street.
It seems the City of Sydney and Charter Hall are focused on one word: "vision".
The concept of a vision for the site was mentioned by many at the launch event, and is the focus of their marketing material for the development.
