Celebrating the topping out of 130 Lonsdale at Wesley Place

9 October 2019, Melbourne – Today, Charter Hall Group’s (Charter Hall or the Group) $750 million commercial building, 130 Lonsdale Street, which is owned by the $6.4 billion Charter Hall Prime Office Fund (CPOF), has reached a significant milestone by topping out.

Together with construction partner, Lendlease, Charter Hall’s Managing Director and Group CEO David Harrison hosted a celebration of the building’s ‘topping out’ on site, with special guests including the Treasurer of Victoria the Hon Tim Pallas MP, the Wesley Church, future tenants and stakeholders in attendance.

130 Lonsdale Street is part of the $1.2 billion Wesley Place precinct development by Charter Hall. Located on a 1.1-hectare CBD site, the precinct combines three future-ready office buildings (130 Lonsdale, 140 Lonsdale and 150 Lonsdale) with the restoration of five significant heritage buildings, including the Wesley Church. Upon completion, Wesley Place will offer new public spaces, world-class retail and food and beverage offerings.

Victorian Treasurer, Tim Pallas said “This exceptional development is indicative of the solid demand for office space in Melbourne’s CBD, proving that Victoria continues to grow and attract significant investment, despite global economic headwinds.”

“This precinct shows how new development can be carefully designed to accommodate new office space while working in with historic city surrounds.” Mr Pallas said.

Charter Hall Managing Director and Group CEO David Harrison said as an integral part of the Wesley Place precinct, the topping out of 130 Lonsdale Street was an exciting milestone for the Wesley Place project.

“We are proud to see the transformative Wesley Place precinct taking shape within its prominent Lonsdale Street location. A destination for Melbourne’s modern workforce and setting a benchmark for Premium Grade workspace, 130 Lonsdale Street is already fully leased and has attracted a high calibre range of pre-commitment tenants including Australian Super, Vanguard, Cbus Super, Telstra Super, AFCA and UCA” Mr Harrison said.

Set to be completed mid-2020, the high-performance workplace at 130 Lonsdale will include 60,000 sqm of Premium Grade office space across 35 levels and four skyrise terraces, offering unparalleled amenity with direct access to Lonsdale Street. The striking building on Melbourne’s skyline will also house exclusive end-of-trip facilities and premium concierge services. The quality of both 130 Lonsdale Street and the Wesley Place precinct has attracted some of Australian’s preeminent superannuation funds and financial institutions.

Charter Hall Regional Development Director Simon Stockfeld said “The pouring of the last level of 130 Lonsdale St signifies the completion of the external structure and the commencement of the internal fit out, specific to each of our tenants’ needs. This is an exciting step in the construction delivery and paired with the strong leasing results, with 130 Lonsdale Street fully pre-committed, the project is on program to complete mid-next year and begin welcoming tenants to the Wesley Place precinct.

“We are on track to achieve a 6-Star Green Star rating, a 5-Star NABERS rating and a Platinum WELL Certification at 130 Lonsdale. The technology-enabled building will provide a new standard of workplace for our innovative and industry-leading tenant customers.” Mr Stockfeld said.

Lendlease General Manager Victoria, Bill Alexandrakis said “Wesley Place will be a catalyst for the reinvigoration of this portion of Melbourne’s CBD. The development will create a green urban environment that not only respects, but enhances the historic buildings and native heritage within the site.

“Wesley Place will bring new life to the existing historical buildings, the immediate urban realm and connecting city context. Lendlease is proud to deliver the next chapter of this exciting precinct for Charter Hall.” Mr Alexandrakis said.

CPOF Fund Manager, Matthew Brown said “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. With the 130 Lonsdale Street building 100 per cent pre-leased to a range of high calibre tenants ahead of practical completion, this is a resounding result that speaks to the quality of the asset.”