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24 July 2019, Melbourne - Charter Hall Group (Charter Hall or the Group) today confirmed that its $5.6 billion wholesale fund, Charter Hall Prime Office Fund (CPOF or the Fund), has secured AustralianSuper as a tenant customer at the Fund’s 130 Lonsdale Street development. This project forms part of the Group’s $1.2 billion Wesley Place development.
As a result of this new commitment, 100% of the office space at 130 Lonsdale Street has now been successfully pre-leased. The lease to AustralianSuper covers approximately 16,200 square metres across the building’s Skyrise Levels and will commence in the second half of 2020.
CPOF Fund Manager, Matthew Brown said, “Leasing 100% of the office space at 130 Lonsdale Street some 10 months ahead of practical completion demonstrates the Fund’s ability to deliver enhanced returns to investors through the successful execution of its strategy to develop core assets. The depth of our development capabilities, with experienced teams based in each major capital city, means we collaborate with our tenant customers to deliver them great workplace solutions.
“At completion, Wesley Place will further enhance CPOF’s existing high-quality office portfolio and deliver sustainable income returns for investors from long-term leases and quality tenant covenants.”
AustralianSuper Chief Executive, Ian Silk said, “AustralianSuper is very pleased to be moving into the Wesley Place development. It’s an exciting time for us and we look forward to continuing on our mission of providing members with their best possible retirement outcome when we are in our new location.”
Charter Hall Managing Director and CEO, David Harrison said, “We are pleased to welcome yet another preeminent super fund and high calibre tenant customer to our portfolio, with AustralianSuper worth $165 billion in member assets and home to 2.3 million members.
“This follows earlier commitments from Telstra Super and Cbus Super at Wesley Place, as well as a 17,200 square metres commitment from Q Super at our flagship Brisbane Square tower. The Group’s total premium office space occupied by Australian superannuation funds is now over 50,000 square metres.”
Other leading organisations at Wesley Place include Vanguard, the Uniting Church and the recently formed Australian Financial Complaints Authority (AFCA).
Construction of 130 Lonsdale Street is well underway with completion anticipated in the second quarter of 2020. The project comprises a 35-storey, 60,000 square metre Premium-grade, high-performance workplace. With sustainability a core part of Charter Hall’s vision for Wesley Place, 130 Lonsdale is targeting a Platinum WELL certification, 6-Star Green Star and 5-Star NABERS rating.
The 1.1 Ha Wesley Place precinct is unique in Melbourne, providing both tenant customers and the surrounding community with an amazing level of retail amenity, leading edge building design and engaging public space.
Charter Hall Regional Development Director, Simon Stockfeld commented, “We welcome AustralianSuper to Wesley Place, which will provide unrivalled access to amenities and transport, making it an attractive proposition for all of our pre-commitment tenant customers. This milestone leasing announcement reinforces Wesley Place as a prime office location for industry-leading organisations.”
Stuart Colquhoun from JLL advised Charter Hall, whilst Peter Birrell from Corporate Real Estate Advisory advised AustralianSuper.
About Wesley Place
Located near the corner of Exhibition and Lonsdale Streets, the $1.2 billion Wesley Place precinct will be a transformative business precinct defined by innovation, technology, heritage and lifestyle. With the first Stage set for completion in mid 2020, the overall precinct comprises 110,000sqm of technology-fuelled workplaces - 130, 140 and 150 Lonsdale Street’s. Alongside the restored heritage buildings, Wesley Place will also be home to public greenspace and leading retail and culinary offerings. With unrivalled access to amenities and transport, the world-class urban environment is set to be the ideal work-life destination for Melbourne’s diverse population.