Charter Hall is confident the office sector will return to its former glory as it files plans a 42-storey skyscraper in Sydney CBD’s western edge with a “pioneering logistic hub” to activate the area.
The tower would replace a 21-storey office tower built in 1998 with a 10-storey carpark for 800 cars currently on the site at 383-395A Kent Street, Sydney, with frontage to Sussex Street.
Charter Hall’s purchase of the ageing office building for $385 million was one of the top-10 transactions for the sector in the 2022-2023 financial year.
At the end of August, NSW Department of Planning issued a Gateway Determination to amend the Sydney Local Environmental Plan 2012, which went on exhibition with the City of Sydney this week.
This was to increase the building height to 180m and the floor-space ratio, and a planning agreement was drafted between the developer and the council.
The green -erraced office tower with a golden finish and 73,191sq m of commercial space was designed by FJC Studio.
The plan includes a logistics hub with loading dock within the building that could service businesses on both sides of Kent Street along with space for electric vehicle charging.
“Many of the surrounding heritage buildings are constrained, attracting limited use due to inadequate facilities,” the Ethos Urban planning report said.
“Access to a shared loading dock expands what’s possible within these buildings—including the potential to add retail and F&B [food and beverage] elements that are constrained in their use by inefficient loading facilities.
“There was also a podium to street level with setbacks matching existing buildings and a through site link on the 3606 sq m site.”
Charter Hall office chief executive Carmel Hourigan said the tower was part of their CPOF portfolio that holds a value of close to $9 billion including the proposed tower.
In planning documents Hourigan said that “383 Kent Street builds on our portfolio of CBD assets, presenting the opportunity for multiple expansion and redevelopment options”.
“It supports our strategy to acquire high-quality modern holdings where we can create major inner-city precincts.”
In February Charter Hall began construction of its $1.8-billion Chifley Square development in the Sydney CBD.
