Charter Hall reaches major milestone on SA development pipeline
22.03.2019
3 minute read
Charter Hall Group (Charter Hall or the Group) along with the South Australian Premier Steven Marshall, today held an official ‘topping out’ ceremony marking the completion of the highest point of the 20-storey GPO Exchange office tower on Franklin St.
The $250 million state-of-the-art building has reached its height of 82m and the project is on track to be completed later this year.
Charter Hall Managing Director and Group CEO David Harrison said it was very pleasing to see the GPO Exchange development take shape in its prominent location overlooking Victoria Square.
“Today marks a very important milestone for this transformative South Australian project, which will set a new benchmark for modern workplaces in the state, providing our tenant customers with an unrivalled work experience.
“The GPO development will further enhance the Charter Hall Prime Office Funds portfolio quality and total return metrics and deliver our Fund investors a coveted new Premium Grade office building in the Adelaide CBD core office precinct.
“With all projects of this size and scale, it is very much a team effort and we would like to officially thank our construction partner Built for its professional approach, safe track record and delivering on time and budget.” Mr Harrison said.
The 20-storey 24,500sqm GPO Exchange will be the leading technology enabled office building in SA featuring large light filled office spaces, third spaces encouraging tenant interaction and collaboration, technology that supports a frictionless workday and creating a community within the building.
As part of the project, the heritage-listed Telephone Exchange Building is being refurbished and upgraded providing additional boutique office and retail space that will be integrated with the GPO Exchange office tower.
“The delivery of the GPO Exchange project further strengthens Built’s commercial and heritage experience for our repeat client Charter Hall and is a significant achievement for our South Australian business as our largest project in the state to date,” said Brett Mason, Built Managing Director.
“We are also proud to be delivering this project not only with our excellent local project delivery team, but all major subcontract packages are local South Australians too, generating both economic benefits and skill development for South Australia.”
Construction of GPO Exchange commenced in September 2017, with practical completion expected in September 2019.
Mining giant BHP has signed an agreement for a 10-year lease covering approximately 10,000sqm of the commercial office tower building and signage rights. While the SA Attorney General’s Department has committed to a 12-year lease of approximately half of the office tower and will relocate its workforce currently based on Pirie St.
“With more than 90% of the building pre-leased 18 months ahead of practical completion, this is a resounding result in the Adelaide commercial office market.” Mr Harrison added.
In a further demonstration of Charter Hall’s commitment to South Australia, it also made a recent investment to develop, own and manage a $120 million Metcash distribution centre at Gepps Cross.
The 68,000sqm ‘best in class’ technology enabled distribution centre is a significant long-term investment which will support Metcash to continue to grow its independent retail network in South Australia while providing retailers access to a broader range of products and efficient distribution network.
“We are proud to extend our partnership with Metcash which demonstrates two major ASX listed entities ongoing commitment to South Australia. With circa $1 billion of investment in the state, Charter Hall is committed to Adelaide and South Australia for the long-term and the Metcash facility development will further strengthen the foundation for continued investment,” Mr Harrison added.
The $250 million state-of-the-art building has reached its height of 82m and the project is on track to be completed later this year.
Charter Hall Managing Director and Group CEO David Harrison said it was very pleasing to see the GPO Exchange development take shape in its prominent location overlooking Victoria Square.
“Today marks a very important milestone for this transformative South Australian project, which will set a new benchmark for modern workplaces in the state, providing our tenant customers with an unrivalled work experience.
“The GPO development will further enhance the Charter Hall Prime Office Funds portfolio quality and total return metrics and deliver our Fund investors a coveted new Premium Grade office building in the Adelaide CBD core office precinct.
“With all projects of this size and scale, it is very much a team effort and we would like to officially thank our construction partner Built for its professional approach, safe track record and delivering on time and budget.” Mr Harrison said.
The 20-storey 24,500sqm GPO Exchange will be the leading technology enabled office building in SA featuring large light filled office spaces, third spaces encouraging tenant interaction and collaboration, technology that supports a frictionless workday and creating a community within the building.
As part of the project, the heritage-listed Telephone Exchange Building is being refurbished and upgraded providing additional boutique office and retail space that will be integrated with the GPO Exchange office tower.
“The delivery of the GPO Exchange project further strengthens Built’s commercial and heritage experience for our repeat client Charter Hall and is a significant achievement for our South Australian business as our largest project in the state to date,” said Brett Mason, Built Managing Director.
“We are also proud to be delivering this project not only with our excellent local project delivery team, but all major subcontract packages are local South Australians too, generating both economic benefits and skill development for South Australia.”
Construction of GPO Exchange commenced in September 2017, with practical completion expected in September 2019.
Mining giant BHP has signed an agreement for a 10-year lease covering approximately 10,000sqm of the commercial office tower building and signage rights. While the SA Attorney General’s Department has committed to a 12-year lease of approximately half of the office tower and will relocate its workforce currently based on Pirie St.
“With more than 90% of the building pre-leased 18 months ahead of practical completion, this is a resounding result in the Adelaide commercial office market.” Mr Harrison added.
In a further demonstration of Charter Hall’s commitment to South Australia, it also made a recent investment to develop, own and manage a $120 million Metcash distribution centre at Gepps Cross.
The 68,000sqm ‘best in class’ technology enabled distribution centre is a significant long-term investment which will support Metcash to continue to grow its independent retail network in South Australia while providing retailers access to a broader range of products and efficient distribution network.
“We are proud to extend our partnership with Metcash which demonstrates two major ASX listed entities ongoing commitment to South Australia. With circa $1 billion of investment in the state, Charter Hall is committed to Adelaide and South Australia for the long-term and the Metcash facility development will further strengthen the foundation for continued investment,” Mr Harrison added.
