Charter Hall Group’s wholesale managed fund, the Core Plus Office Fund (CPOF), has announced the appointment of Watpac Limited as construction contractor of the $250 million 331 and 333 George Street development in Sydney’s CBD.
Designed by renowned architects Grimshaw and Crone Partners, the redevelopment of both 331 and 333 George Street will see the transformation of the site into a 17 level A-grade office building with outdoor landscaped terraces on levels 12 to 16.
The building will also include three levels of premium retail space, totalling 2,000 square metres with extensive frontage to George Street and Regimental Square and basement parking.
The building has been designed to suit contemporary office fitouts and is aiming to achieve a 5 star Green Star and a 5 star NABERS Energy Rating.
Charter Hall Joint Managing Director David Harrison confirmed the development managed by the Group’s in-house development services team is expected to lift the CPOF portfolio to more than $2.1 billion upon completion.
“The redeveloped 333 George Street will enhance the fund’s portfolio quality and total return metrics, delivering CPOF investors with a coveted new A-Grade office asset in the tightly held core Sydney CBD precinct. The reweighting toward Sydney has been planned and timed to coincide with expected upturns in the office market,” Mr Harrison said.
CPOF’s Fund Manager, Chris Forbes said, “The building’s design approach to form, detail and materiality has been carefully considered to suit the significant location and will harmoniously integrate into the established historic precinct of Martin Place”
“The building has also been designed with the tenant in mind and will provide efficient and flexible workspaces with high levels of natural light and five rooftop terraces providing unique break out spaces and visual amenity
Watpac Limited Chief Executive Officer, Martin Monro, said the project is an important addition to the Group’s national contracting portfolio, which has significant capacity to expand in line with the increased levels of activity in Australia’s construction market.
“This project is a great addition to our workbook and we are very proud to be involved in the delivery of another major office project in the Sydney CBD. Our expert local workforce, backed by a healthy balance sheet and 30 years of leadership in the national construction sector, makes us well placed to capitalise on new opportunities as they arise,” Mr Monro said.
Watpac has previously worked with Charter Hall on a number of major office projects, including the 30,000 square metre Zone at Sydney Olympic Park, the prestigious 40,000 square metre 32-storey office tower at 275 George Street in the Brisbane CBD, and the complete refurbishment of the 26,000 square metre Northbank Plaza office tower at 69 Ann Street in the Brisbane CBD.
Construction of 333 George Street are expected to commence in early to mid 2014, with completion scheduled for mid 2016.
The commercial and retail campaign will be launched in early 2014.