Charter Hall

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<p>Charter Hall Group has put No.1 Brisbane, comprising three adjoining buildings - 217 George Street, 60 Queen Street and 231 George Street - up for sale.</p>

<p>The properties were acquired in July 2018 with a development approval for an 81 storey residential tower scheme. </p>

<p>It cost $93.96 million when bought from the Blackstone-backed 151 Property Group.</p>

<p>Approval to build an apartment tower to rival Brisbane’s tallest in the prime location had been secured just a month before it was offered for sale.</p>

<p>Brisbane has a long list of skyscraper project completion including the city welcoming the highly anticipated Brisbane Skytower, which topped out at an impressive 274 metres. </p>

<p>Outlook for Brisbane’s apartment market is on the positive side, as domestic migration is seen to continue pushing up buyer demand and consequently, property prices since the onset of the pandemic.</p>

<p>[smartcode_project:default project_id=90553]</p>

<p>Rather than pursue the residential tower, Charter Hall instead increased its office occupancy and secured another DA for a landmark, 34 storey, commercial office and retail tower designed by architects Blight Rayner.</p>

<p>The DA comprises a total of 24,490sqm (NLA) of office space and 2,150sqm (NLA) of ground floor and podium level prime retail space over 4 storeys as well as basement parking for 94 cars and 213 bikes.</p>

<p>Located at the corner of George Street and the southern end of Queen Street Mall, No.1 Brisbane is being marketed as well positioned to capitalise on the $13 billion of projects in the immediate precinct including Queens Wharf, Cross River Rail, Brisbane Live and the Brisbane Metro. Office tenants include leading corporate and government agencies including Santos, Suncorp, Brisbane City Council, Shell, Telstra and QSuper.</p>

<p>The building's sale campaign, is being handled by CBRE’s Bruce Baker, Peter Chapple, Tom Phipps and JLL’s Seb Turnbull and Paul Noonan.</p>
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The properties were acquired in July 2018 with a development approval for an 81 storey residential tower scheme 

jchancellor

Charter Hall lists former Brisbane residential tower development site

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<p>Charter Hall Group (Charter Hall or Group) has partnered with global real estate investor QuadReal, to acquire one of the largest remaining Brisbane CBD development sites, located within the heart of the North Quay renewal precinct.</p>

<p>This acquisition further extends the Charter Hall and QuadReal partnership following the 2019 $630 million acquisition of 201 Elizabeth Street, Sydney, by securing an underdeveloped site and providing optionality for two simultaneously submitted planning applications, which propose either a twin or single tower development.</p>

<p>Charter Hall Managing Director and Group CEO, Mr David Harrison, said “We are delighted to extend our relationship with QuadReal, one of Canada’s largest property groups."</p>

<p>QuadReal Head of Asia, Mr Peter Kim, said “Australia remains a key focus for QuadReal, and the North Quay investment is a direct product of the long-term strategic relationship we have with Charter Hall in that market."</p>

<p>Charter Hall has taken a flexible approach and lodged two Development Applications (DAs) with Brisbane City Council for 309 North Quay — a significant, 6,400sqm infill site located in the Roma Street Urban Renewal Priority Development Area. This development will further enhance the North Quay precinct of the CBD as it undergoes significant revitalisation. </p>

<p>The proposed project, which comprises a DA for a single 50,000sqm commercial tower and a separate DA for two smaller commercial towers of 23,000 sqm &amp; 36,000 sqm each, will act as a catalyst for urban renewal of the surrounding sites, including Roma Street Station — Brisbane’s new ‘Grand Central Station’ made possible with Cross River Rail, Brisbane Metro and the proposed Brisbane Live the city’s new entertainment arena. </p>

<p>The strategically positioned site and previous long-term home of Triple M and B105, is the gateway into the CBD from Coronation Drive, North Quay and the William Jolly Bridge, with uninterrupted views of the Brisbane River and a short walk to the city’s leading entertainment, dining and lifestyle precincts including Queen Street Mall, Suncorp Stadium, The Barracks, Roma Street Parklands, the Queensland Cultural Centre and South Bank.</p>
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Charter Hall has acquired one of the largest remaining Brisbane CBD development sites, located within the heart of the North Quay renewal precinct

jordan_55689

Charter Hall submits DAs for Brisbane CBD riverfront site

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<p>Charter Hall has acquired a 43,000 square metre facility in Western Sydney for $115,000,000.</p>
<p>It was bought from Melbourne based private investment firm Kador Group.</p>
<p>Located in Erskine Park, 40-66 Lockwood Road is leased to workplace solutions supplier Winc Australia for 12 years from August 2020 on a net rent of $5.175 million per annum, with 3.25 per cent annual increases.  </p>
<p>With a gross lettable area of 43,085 square metres on an 8.273 hectare site, the property is zoned IN1 General Industrial and offers 40,000 square metres of warehouse accommodation and 3,000 square metres of office space, split across two floors.</p>
<p>The property also benefits from two truck access driveways and all-weather super awnings located along both the eastern and western elevations.</p>
<p>The transaction was handled by Savills Industrial and Logistics Investments team of Michael Fenton, Michael Wall, and Alison Spiteri.</p>
<p>The property is approximately 47kms west of the Sydney CBD. Surrounding occupiers include TNT Express, Strandbags, Bevchain, Coles, Bluescope, DHL and Linfox.</p>
<p> </p>
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j.ballantyne1990-6AQqhLzZaK

Charter Hall acquires Western Sydney facility for $115,000,000

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<p>Charter Hall has just been granted approval by the City of Melbourne to commence demolition of the building which currently stands at 555 Collins Street. The approval follows the lodgement of the proposal of a $1.5 billion redevelopment last month. The prominent corner section is one of the last of its kind in the area, spanning 4,620 square meters of prime real estate on Collins Street. A commercial tower designed by Cox Architecture and Gensler is on the cards and will draw on extensive research to produce revolutionary workspaces, utilising modern technology and human-centric design.</p>

<blockquote>
<p>“We are looking at the project from a people-first point of view and leading with humanistic design, ensuring that the human experience is at the heart of every design decision that we make. Key to this approach is our appointment of both Cox Architecture and Gensler. Together, our expertise will allow us to create a workplace designed for how people connect and engage with each other and with their surroundings. By truly understanding the tenant journey, we will create a space that encourages an instinctive way of working and ultimately, a better and more productive workday.”</p>
</blockquote>

<p>Simon Stockfeld, Charter Hall’s Regional Development Director</p>

<p>Tier one contractor Delta Group has been appointed to undertake the demolition which will cost approximately $13 million. Once demolition is complete, the first phase of redevelopment will involve the construction of 35 levels of premium office space across 45,000 square metres. The goal is to create work environments which are engaging and inviting, as well as seamlessly integrated within the area’s surrounding CBD environment.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/555c_collins_st_1.jpg" rel="gallery-all" title="Render for 555 Collins Street"><img alt="" class="image-article-full-width-580px" height="750" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/555c_collins_st_1.jpg?itok=lXodLzsW" title="Render for 555 Collins Street" width="580"></a>

<figcaption>Render for 555 Collins Street</figcaption></figure><p>The development will aim to target a number of sustainable certifications including a 6 Star Green Star rating, 5 Star NABERS Energy Rating and Platinum WELL certification – in pursuit of creating one of the city’s most sustainable office buildings. The building will also contain a state-of-the-art health and wellbeing offering as well as a premium retail hub with a curated selection of restaurants and bars.</p>

<p>The team are currently preparing for demolition with completion slated for mid-2022.</p>

<h2>WHAT THEY SAY</h2>

<blockquote>
<p>“The existing 555 Collins Street building is vacant, allowing us to hit the accelerator to meet completion deadlines. Projects which do not have to consider heritage and have a strong planning case also provides future tenants with far higher development delivery certainty.”</p>
</blockquote>

<p>Simon Stockfeld, Charter Hall’s Regional Development Director</p>

<blockquote>
<p>“We are proud to be partnering with Charter Hall as they work to create a next-generation workplace experience, in the heart of Melbourne. With the workplace evolving at a much greater pace than ever before, our extensive experience designing office buildings and innovative workplace environments for a variety of clients around the world has given us a unique insight into what people – and especially the younger, tech-savvy generations – truly want and need from their workplace and the companies that employ them.”</p>
</blockquote>

<p>Lukasz Platkowski, Design Director at Gensler’s London office</p>

<blockquote>
<p>“Cox Architecture are genuinely excited about collaborating with Gensler to bring 555 Collins Street to life. Our client, Charter Hall, have a vision to authentically connect people, place, and work, and together we feel that 555 Collins Street will truly represent the new way of working in the city.”</p>
</blockquote>

<p>Simon Haussegger, Director at Cox Architecture</p>
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Olivia Round

Charter Hall gets green light to redevelop coveted Collins Street site

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<p>Charter Hall has announced it has submitted a planning application for a $1.5 billion office development at 555 Collins Street, Melbourne via its Prime Office Fund (CPOF). Charter Hall acquired the site in October 2018 from previous owner Fragrance Group, who failed to get its 46-storey apartment tower off the ground. </p>

<p>Located on the prominent corner of Collins and King Street, the 555 Collins Street development occupies a 4,620 sqm site with almost 50m of frontage along Collins Street and 100m of frontage to King Street including the<br>
adjoining CPOF owned 55 King Street.</p>

<p>Pending development approval and tenant pre-commitments, the combined site provides a unique opportunity for CPOF to stage a redevelopment across the two parcels of land, with a separate application for demolition of the existing Enterprise House on site already submitted.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/555c_collins_st.jpg" rel="gallery-all" title="555 Collins Street. Image: Charter Hall"><img alt="" class="image-article-full-width-580px" height="750" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/555c_collins_st.jpg?itok=Lmp3-XxX" title="555 Collins Street. Image: Charter Hall" width="580"></a>

<figcaption>555 Collins Street. Image: Charter Hall</figcaption></figure><p>Charter Hall has engaged local architects Cox Architecture to partner with global design and architecture firm, Gensler on the project. The collaboration brings together the partners’ innate local knowledge with a unique global viewpoint of leading workspace design trends.<br><br>
According to Charter Hall, the new commercial tower and future precinct represents a rare opportunity to create a lasting legacy of premium grade office buildings in a pivotal location.</p>

<p>Stage 1 of the proposed redevelopment will deliver approximately 45,000 sqm of Premium Grade, technology-enabled office space spanning 35 levels.</p>

<p>The proposed design includes an activated ground plane with connections between Collins Street, King street and Flinders Lane, a premium retail hub with food and beverage outlets and a landmark health and wellbeing offering.</p>

<p>The building will be one of the city’s most sustainable office buildings, targeting 6 Star Green Star, 5 Star NABERS Energy and Platinum WELL certification.</p>

<p>Cox Architecture and Gensler's vision for the precinct responds to a simple question; <em>"what makes a great building?</em>" In responding to this, the development team have taken a people-first approach at 555 Collins Street  - ensuring it becomes a statement of values and beliefs, designed to unlock the full potential of its tenants.</p>

<p>Charter Hall has appointed JLL and Colliers as conjunctional leasing agents for the project, with completion targeted for mid-2022.</p>

<h2><strong>What they say...</strong></h2>

<blockquote>
<p><span style="font-size:16px;"><strong><em>“Our approach to workplace design is entrenched in extensive research into what tenants truly want and need, now and in the future. Through this people-centric approach, we are committed to creating workplace experiences which are designed to foster community, an instinctive way of working and ultimately result in a better workday for our tenant customers.</em></strong></span></p>

<p><span style="font-size:16px;"><strong><em>The vision for the site is to create a workplace experience like no other, where people will feel connected, inspired and engaged with their working day, and we are excited by this innovative methodology and how this development will shape the future of workplace.” </em></strong></span></p>

<p><em>- Simon Stockfeld, Charter Hall’s Regional Development Director</em></p>
</blockquote>

<p> </p>

<blockquote>
<p><span style="font-size:16px;"><em><strong>“CPOF is actively growing its existing $5.4 billion portfolio of high quality assets. A redeveloped 555 Collins will further enhance CPOF’s portfolio quality and total return metrics and deliver our Fund investors a coveted new Premium Grade office building in the tightly held western core of Melbourne’s CBD, a location favoured by major corporate, legal and government occupiers.” </strong></em></span></p>

<p><em>-  Matthew Brown, CPOF Fund Manager</em></p>
</blockquote>
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Laurence Dragomir

Charter Hall unveils $1.5 billion redevelopment of 555 Collins Street

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<p>Construction Equipment Australia (CEA) have committed to a 12-year lease on a new $27 million facility in Leppington, a suburb in south-west Sydney.</p>
<p>The Australian machinery distributer will be leasing a space within the Bringelly Business Hub being developed in Joint Venture by Charter Hall and ESR CIP, a wholly owned subsidiary of ESR.</p>
<p>The facility is set on a total of 22,000 square metres, comprising a combined gross lettable area of 7,763 square metres.</p>
<p>It will house a workshop, warehouse and operational areas, including 1,575 square metres for a showroom space.</p>
<p>Hylton Taylor, Chief Executive Officer for CEA, said "the prime locale of the facility will allow CEA to play a key role in providing construction machinery to the projects contributing to the fast-paced development of Western Sydney".</p>
<p>The design and procurement of the facility has been overseen by specialist supply chain and property consultancy firm, TM Insight.</p>
<p>The firm will also project manage the construction of the building and help with the transitionary period.</p>
<p>ESR Australia CEO Philip Pearce stated: “ESR is please to secure a customer of the quality of CEA as the first commitment to Bringelly Business Hub, which is planned to be a landmark park in a growing precent of south Western Sydney with a built out area in excess of 80,000 square metres with end value of circa $120 million.”</p>
<p>The warehouse is aiming to achieve a five-star energy rating through use of solar technology, water recycling and responsible resourcing of materials. </p>
<p>CEA expects the facility to be operational in October 2019.</p>
<p> </p>
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CEA commit to 12 year lease in new $27 million Leppington facility

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<p><a href="https://www.urban.com.au/development/2018/11/07/555-collins-street-continues-the-commercial-theme-for-2018">Late last year</a>, we penned a piece highlighting the changing nature of development and application activity within the Melbourne CBD. This followed from the announcement that Charter Hall had secured 555 Collins Street from Fragrance Group for a lazy 140 million dollarydoos, adding it to its portfolio which also includes the adjoining site at 55 King Street, resulting in a development site of 4,627 sqm,</p>

<p>As indicated in the article, applying a Plot Ratio of 18:1 would allow for a developable Gross Floor Area of 83,286sqm or approximately 67,000sqm NLA.</p>

<p>Property development and project management consultancy Armitage Jones announced via its Instagram account that it had been appointed to manage the design and build of 555 Collins Street on behalf of Charter Hall. Armitage Jones is also working with Charter Hall on its Wesley Place precinct in the CBD's north-eastern end.</p>

<p> </p>

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<p style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; line-height:17px; margin-bottom:0; margin-top:8px; overflow:hidden; padding:8px 0 7px; text-align:center; text-overflow:ellipsis; white-space:nowrap;"><a href="https://www.instagram.com/p/Btu_l_FlZSJ/?utm_source=ig_embed&amp;utm_medium=loading" style=" color:#c9c8cd; font-family:Arial,sans-serif; font-size:14px; font-style:normal; font-weight:normal; line-height:17px; text-decoration:none;" target="_blank">A post shared by Armitage Jones (@armitagejones)</a> on <time datetime="2019-02-11T08:09:44+00:00" style=" font-family:Arial,sans-serif; font-size:14px; line-height:17px;">Feb 11, 2019 at 12:09am PST</time></p>
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<script async src="//www.instagram.com/embed.js"></script><blockquote>
<p><strong><span style="font-size:16px;">"WORKPLACE OF THE FUTURE - arriving in 2022!<br>
We are beyond excited to have been appointed to manage the design and construction of 555 Collins Street - @charterhallau ‘s largest office development and what will be a landmark tower of the world. Our appointment as Project Manager and Superintendent demonstrates the depth of experience and design and construction expertise across our team.  #insafehands #design#construction #architecture#propertydevelopment #realestate#skyscraper #melbourne"</span></strong></p>
</blockquote>

<p>For the purpose of the study below I initially used the maximum height of Fragrance's residential scheme designed by Bates Smart at 142m. Shadow testing indicated an overall height of 160m was achievable to the highest point with a sloping roof form.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/555c_1.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="334" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/555c_1.png?itok=bcgVO78g" width="580"></a>

<figcaption>Section through centre of the site - solar angles @ winter solstice</figcaption></figure><p>I eventually landed on a dual tower scheme comprising;</p>

<ul>
<li>A 19-storeys (80m) to 55 King Street with floor plates of 1,980 sqm to podium levels and 1,490 sqm to tower levels. Total GFA ; and</li>
	<li>a 38-storey (160m to top of slope) tower to 555 Collins Street with floor plates of 1,960 sqm to podium levels and 1,100 sqm to tower levels</li>
	<li>A north-south laneway 6m wide along the western boundary</li>
</ul>
<p>This yields a GFA of 83,290sqm which isn't far off the 18:1 ratio.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/555_collins_dual-01.png" rel="gallery-all" title="Is a dual tower scheme on the cards?"><img alt="" class="image-article-full-width-580px" height="240" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/555_collins_dual-01.png?itok=3GnxHpQi" title="Is a dual tower scheme on the cards?" width="580"></a>

<figcaption>Is a dual tower scheme on the cards?</figcaption></figure><p>The final outcome will eventually reveal itself when Charter Hall submits a revised application for the site. With Cbus Property and Bates Smart submitting an application for 435 Bourke Street  just prior to Christmas one would expect 555 Collins isn't too far behind.</p>
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Lurking in the shadows - 555 Collins Street

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<p>A new commercial development on Melbourne’s Lonsdale Street has been announced.</p>
<p>Charter Hall's Wesley Place will include three commercial office buildings, retail, culinary and community amenities.</p>
<p>Set for completion in 2021, the project at 130, 140 and 150 Lonsdale will also include restoration of the site’s Neo-Gothic buildings.</p>
<p>The overall site area is 1.1. hectares and pre-committed tenants including Vanguard and Telstra Super.</p>
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New commercial precinct on Melbourne's Lonsdale Street announced 

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<p><a href="https://www.urban.com.au/developers/charter-hall">Charter Hall</a> has announced that it has secured the Australian Financial Complaints Authority (AFCA) as a tenant within its $700 million Wesley Place development, currently under construction at the eastern end of Melbourne's CBD. AFCA joins Vanguard, Telstra Super, Cbus Super and the Uniting Church in committing to <a href="https://www.urban.com.au/projects/wesley-place-130-lonsdale-street-melbourne">130 Lonsdale</a> after agreeing to occupy approximately 7,600 sqm across Skyrise Levels 24-27. </p>

<p>Upon completion in 2020, 130 Lonsdale will comprise 55,000 sqm of Premium-Grade, tech-enabled office space across a 35-storey tower. The future-ready workspace is registered to pursue WELL certification and target 6-Star Green Star design, As-Built v1.1 and 5-Star NABERS ratings - aligning with the Charter Hall's vision for a precinct’ with a sustainable legacy for the future.</p>

<p>AFCA's 12-year lease will commence upon practical completion in July 2020, bringing the new office tower’s committed Net Lettable Area (NLA) to approximately 78%. Charter Hall has engaged <a href="https://www.urban.com.au/architects/cox-architecture">Cox Architecture</a> to lead the design of the three commercial office buildings which together form the Wesley Place precinct – 130 Lonsdale, <a href="https://www.urban.com.au/projects/140-lonsdale-street-melbourne">140 Lonsdale</a> and 150 Lonsdale. <a href="https://www.urban.com.au/builders/lendlease-building">Lendlease</a> is currently progressing construction on 130 Lonsdale and the wider site.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/charter_hall_-_wesley_place_-_130_londsdale_terrace_view.jpg" rel="gallery-all" title="130 Lonsdale Street is currently under construction. Image: Charter Hall"><img alt="" class="image-article-full-width-580px" height="931" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/charter_hall_-_wesley_place_-_130_londsdale_terrace_view.jpg?itok=XfgmnyzL" title="130 Lonsdale Street is currently under construction. Image: Charter Hall" width="580"></a>

<figcaption>130 Lonsdale Street is currently under construction. Image: Charter Hall</figcaption></figure><p>According to Charter Hall, 130 Lonsdale will house one of the largest end-of-trip facilities in Melbourne along with a wellness centre, business hub and concierge services, integrated with Wesley Place’s retail precinct. Charter Hall believes the building's sculptural tapering-form will provide a unique addition to Melbourne’s skyline, whilst The Manse building, located beneath 130 Lonsdale, will deliver a distinct heritage quality to the Premium Grade workspace.</p>

<p>Charter Hall says a key part of the precinct’s development will be the rejuvenation of heritage architecture, including the careful restoration of one of Melbourne’s most important collections of Neo-Gothic architecture - the Wesley Church, Caretaker’s Cottage, Manse, School House and Nicholas Hall. The centrepiece of the precinct will be the Wesley Church, one of Melbourne’s finest and earliest examples of Gothic Revival architecture, which will include intricate stained-glass window and stonework restoration, and a new slate roof.</p>

<p>The precinct has been designed with active an active public realm comprising a series of laneways, green spaces, and food and beverage offerings, all of which will support and enhance the existing heritage buildings. Of particular note, according to Charter Hall, will be the grounds surrounding the heritage buildings which will feature <em>"one of only five beautifully curated green spaces in Melbourne’s CBD for the public to meet, relax and socialise, akin to Melbourne Library or Parliament Gardens."</em></p>

<p>The AFCA's commitment to 130 Lonsdale leaves only a number of Skyrise floors available for lease, complete with cascading terraces designed for outdoor team meetings, functions and social occasions. Additionally, the two-level foyer space provides a place to meet clients or host informal breakout meetings.</p>

<p>A summary of the two other developments which complete the balance of the Wesley Place precinct - 140 Lonsdale and 150 Lonsdale - are further discussed below;</p>

<h2><a href="https://www.urban.com.au/projects/140-lonsdale-street-melbourne"><u><strong>140 Lonsdale</strong></u></a></h2>

<p>This A-Grade, technology-enabled building will provide 22,000 sqm of office space across 20 levels above the existing car park structure onsite. The 5-Star Green Star rated office building will include an outdoor terrace, direct access to Wesley Place's public realm and high-quality end-of-trip and concierge facilities. Workers will also have access to the wide-ranging amenities housed across the precinct. Cox Architecture's design links 140 Lonsdale to the Wesley Precinct whilst providing a complimentary backdrop to the heritage architecture.</p>

<p>Charter Hall says it is currently discussing leasing opportunities within the building with a number of potential pre-commitment tenants and expects to commence construction of the new tower in the first half of 2019.</p>

<h2><u><strong>150 Lonsdale</strong></u></h2>

<p>Already calling itself home to a number of Melbourne businesses, Charter Hall is in the early stage of planning to transform 150 Lonsdale St to a modern A-grade standard. Citing the work undertaken at its 570 Bourke Street office asset, Charter Hall says it plans to reposition 150 Lonsdale St with a new lobby, arrival experience, revitalised façade and end-of-trip facilities</p>

<p>Located on Lonsdale St, the building offers 28 levels of customisable, flexible floor plates and currently carries a 4.5 Star Green Star rating and is targeting a 5 Star NABERS energy rating</p>

<p>---------------------------------------------</p>

<p>The Wesley Precinct anchors Charter Hall's strong development pipeline which encompasses projects across Australia. This is highlighted in the interactive map below:</p>

<p><iframe frameborder="0" height="450" src="https://www.urban.com.au/developments?developer=Charter%20Hall&amp;embeddable=map" width="100%"></iframe></p>

<p>Also on the drawing board for Charter Hall is a significant commercial development spanning 55 King Street and 555 Collins Street after the developer acquired the site at the end of October.</p>

<p>According to Charter Hall, it plans to <em>"deliver a modern office tower that will enrich the precinct and community... the Charter Hall team is progressing key design and development appointments, with further news to be announced in 2019."</em></p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/555_collins_carousel2.jpg" rel="gallery-all" title="Indicative concept for 555 Collins Street. Image: Charter Hall"><img alt="" class="image-article-full-width-580px" height="319" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/555_collins_carousel2.jpg?itok=skc_XXGb" title="Indicative concept for 555 Collins Street. Image: Charter Hall" width="580"></a>

<figcaption>Indicative concept for 555 Collins Street. Image: Charter Hall</figcaption></figure><h2><strong>What they say...</strong></h2>

<blockquote>
<p><strong>AFCA is a new organisation providing consumers and small business owners with fair, free and independent solutions to their financial disputes. Our new premises at Wesley Place will enable our Melbourne staff to deliver a high quality and flexible service. We are very excited about this move and value our relationship with Charter Hall. We believe the Wesley Place development will be a great one for our customers, members and our people.</strong></p>

<p><em>- David Locke, CEO and Chief Ombudsman of AFCA</em></p>
</blockquote>

<p> </p>

<blockquote>
<p><strong>Welcoming AFCA to the Wesley Place development is a great milestone and demonstrates the strong leasing momentum we have been able to create with approximately 78% of the asset secured. Upon completion, Wesley Place will further enhance CPOF’s portfolio quality and total return metrics and deliver our Fund Investors a coveted new Premium Grade office building in the tightly held Melbourne CBD core office precinct.</strong></p>

<p><strong>This new lease demonstrates our approach to securing significant tenant pre-commitments to de-risk the approximately $1.3 billion of committed projects that we have underway nationally within our office funds management platform. The depth of our internal development capabilities, with experienced teams based in each major capital city means that we are able to collaborate with our tenant customers to deliver great workspace experiences as well as create institutional quality investment opportunities in the office sector.</strong></p>

<p><em>- Matthew Brown, CPOF Fund Manager</em></p>
</blockquote>

<p> </p>

<blockquote>
<p><strong>Our working and social lives are increasingly intertwined. That’s why we’re creating forward thinking workspaces, that are smart, agile and offer a diverse destination where both businesses and the wider public can use and enjoy the space. 130 Lonsdale Street continues to offer opportunities to new customers to join major corporates AFCA, Vanguard, Telstra Super and CBUS in this location, with the ability to secure the best skyrise space available, four floors of which boast outdoor terrace areas.</strong></p>

<p><strong>The common link across all buildings is the future-proofed technology throughout the precinct for workforces now and into the future. We are delivering laptop-enabled green spaces, customised precinct apps and modern property technologies within the buildings that will keep tenants connected and ahead of the curve.</strong></p>

<p><strong>Wesley Place is one of Melbourne’s earliest settlements dating back to the 1800s. It is therefore immensely important for us to ensure any of the plans we have for the commercial office spaces seamlessly blend with the heritage buildings on site.</strong></p>

<p><strong>We’re incredibly proud to be working with Lovell Chen and Heritage Victoria on this major piece of heritage development for the City of Melbourne, so that the local congregation, community groups and future generations can continue to use the space as a community meeting point.</strong></p>

<p><strong>Wesley Place is set to be the next, quintessential Melbourne destination. Food, beverage, and convenience offerings will ignite the surrounding Melbourne shopping district, catering to the needs of the busy yet savvy workforce within and general public.</strong></p>

<p><strong>As developers and long-term managers of this significant project, we have a longstanding commitment to seeing the precinct come to life. Our partnership with the site’s owners, the Uniting Church, is key to realising the best outcomes for all involved.</strong></p>

<p><em>- Charter Hall’s Regional Development Director, Simon Stockfeld</em></p>
</blockquote>
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Charter Hall secures another tenant at its Wesley Place precinct

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<p>Earlier this year, Urban.com.au posed the question: "<a href="https://www.urban.com.au/news/is-2018-the-year-of-commercial-for-the-melbourne-market">Is 2018 the year of commercial for the Melbourne market?</a>" As 2018 has rolled on this notion has continued to be reinforced with developers snapping up and consolidating sites or scrapping their apartment developments all together, in favour of office. </p>

<p>At the beginning of the week we <a href="https://www.urban.com.au/news/double-delight-pdg-releases-new-images-of-two-key-melbourne-projects">highlighted PDG's revised development intentions</a> for the former Toyota site at the top end of Elizabeth Street. Dubbed Elizabeth North the three tower commercial scheme replaces an earlier four building residential scheme, in response to the current state of the residential apartment market.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/elizabeth-north_pdg_0.jpg" rel="gallery-all"><img alt="PDG's Elizabeth North at 611-697 Elizabeth Street. Image: PDG" class="image-article-full-width-580px" height="327" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/elizabeth-north_pdg_0.jpg?itok=ZtVJfM7Q" title="PDG's Elizabeth North at 611-697 Elizabeth Street. Image: PDG" width="580"></a>

<figcaption>PDG's Elizabeth North at 611-697 Elizabeth Street. Image: PDG</figcaption></figure><p>The latest site set to switch to commercial use appears to be <a href="https://www.urban.com.au/projects/555-collins-street-melbourne">555 Collins Street</a>, after Fragrance Group sold the site to Charter Hall for a reported $140m, according to the <a href="https://www.afr.com/real-estate/charter-hall-swoops-as-singaporeans-exit-in-140m-collins-st-deal-20181025-h174ij">AFR</a>. This comes after Fragrance only managed to achieve sales of 46 per cent of the 625 total apartments in the 12 month period since the project was launched to the market.</p>

<p>Charter Hall's recent acquisition adds to its existing land holding at 55 King Street which adjoins 555 Collins Street and now forms part of a combined development site of 4,627 sqm. Applying a plot ratio of 18:1 as per the Central City planning controls would result in a developable Gross Floor Area of 83,286sqm or just shy of 67,000sqm NLA. </p>

<p>Taking into consideration floorplate sizes, setback requirements and overshadowing controls etc. a single commercial office building of around 30-35-storeys could be expected on the combined site. Charter Hall had previously investigated developing an office building of around 27-storeys at 55 King Street.</p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/55_king_0.png" rel="gallery-all"><img alt="An unbuilt concept for 55 King Street. Image: Charter Hall" class="image-article-full-width-580px" height="234" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/55_king_0.png?itok=bw9Zfs_5" title="An unbuilt concept for 55 King Street. Image: Charter Hall" width="580"></a>

<figcaption>An unbuilt concept for 55 King Street. Image: Charter Hall</figcaption></figure><p>In recent months Mirvac has acquired the 383 LaTrobe Street site from Sterling Global for a cool $122m, after the latter gained approval for a 70-storey mixed-use tower designed by Ateliers Jean Nouvel. A 5-storey office building currently leased by the Australian Federal Police (AFP) occupies the 2,850 sqm site. The AFP are due to relocate to 311 Spencer Street in late 2020. In the interim it is understood that Mirvac have engaged Cox Architecture to develop a commercial scheme for the site.</p>

<p>Dexus, which sold a development site at 32-44 Flinders Street with a permit for a 54-storey tower, has in recent months snapped up two sites at 52 and 60 Collins Street for $230m allowing them to proceed with single commercial development. The site is located opposite QIC GRE's 80 Collins Street redevelopment which is currently under construction.</p>

<p>Finally, Cbus Property has resumed demolition of 150 Queen Street to allow for the creation of a temporary park, while it finalises plans for a Bates Smart-designed commercial development. Cbus' extensive redevelopment encompasses a consolidated land holding comprising 140 and 150 Queen Street, 27 McKillop Street and 423 Bourke Street, and is expected to have a development value of around $1bn, not too dissimilar to its <a href="https://www.urban.com.au/new-apartments/collins-arch-447-collins-street-melbourne">Collins Arch</a> project. </p>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public//pictures/article-images/img-9337.jpg" rel="gallery-all"><img alt="Demolition has resumed on 150 Queen Street. Image: Mark Baljak" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files//styles/article_full_width_580px/public/pictures/article-images/img-9337.jpg?itok=s4u-c7JK" title="Demolition has resumed on 150 Queen Street. Image: Mark Baljak" width="580"></a>

<figcaption>Demolition has resumed on 150 Queen Street. Image: Mark Baljak</figcaption></figure><p>Based on the above, it looks like the commercial trend of 2018 is likely to drag on into 2019 as planning applications are lodged. Watch this space.</p>

<p> </p>
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