Charter Hall secures pre-lease at Melbourne office project

Charter Hall secures pre-lease at 555 Collins Street office project in Melbourne

Charter Hall Group has announced that its office fund CPOF has secured a pre-lease agreement with a global technology company, as the anchor tenant customer, for its new A$750 million ‘555 Collins Street’ office development in Melbourne.

The “555” project will comprise the corner 48,000sqm tower as Stage 1, with the Stage 2 Tower comprising 32,000sqm. The 48,000sqm of Premium Grade office space will include over 2,300sqm of retail amenity. The project secured planning approval from the Victorian State Government under its Building Recovery Taskforce earlier in the year.

Accommodating up to 7,500 CBD workers, the buildings will provide a future-proofed workplace that will empower tenants and their staff to work in their own authentic way, supported with world-leading tech-enabled environments and health and wellness facilities.

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Onsite works are already underway for 555 Collins Street’s first tower with Charter Hall confirming Lendlease Constructions as the construction partner, following their completion of the successful “Wesley” 130 Lonsdale Street, a 60,000sqm premium grade office tower completed in June 2020.

“This major pre-commitment provides the momentum for CPOF to proceed with construction and advance further leasing interest during the development phase, as we did on the Wesley project, which was 100% pre committed 12 months before practical completion,” David Harrison Charter Hall’s Managing Director and Group CEO.

Melbourne Lord Mayor Sally Capp said the $750 million first stage of the $1.5 billion 555 Collins Street office project in Melbourne was a huge vote of confidence in the future of the city’s economy.

“Charter Hall’s development will create 1,500 construction jobs now and it also shows there is a strong belief in the strength of the city’s economic recovery. The city’s economy is beginning its recovery from COVID-19 but city businesses are still doing it tough. This is a project that we want to be a catalyst for further investment and new jobs in our city,” said the Lord Mayor.