Charter Hall’s $600m Wesley Place Office Project Secures Pre-Commitments Before Construction

Four big names have committed to moving their operations into Charter Hall’s $600 million Wesley Place office development, securing 30,000 square metres of leasing pre-commitments.

TelstraSuper, Cbus Super, Wesley Mission Victoria and Uniting Church in Australia have committed to long-term leases within the development, resulting in approximately 50 per cent of forecast income for the asset.

The Uniting Church selected the location because they saw new opportunities for the church to “engage in city life through the interaction of meeting places, arts and educational venues as well as providing an important and significant place of worship”.

This all occurred before construction has even taken place, with the news breaking during official commencement.

“Securing 50 per cent of forecast income for the asset, in line with commencement of construction, enhances CPOF’s portfolio quality and total return metrics and delivers the funds investors a coveted new Premium Grade office asset in the tightly held core Melbourne CBD precinct,” CPOF fund manager Matthew Brown said.

“We see this investment as an exciting opportunity to create not just another landmark office tower but to create a work place that offers our tenant customers an unsurpassed level of both business and lifestyle amenity.”

Located at 130 Lonsdale Street in Melbourne’s CBD, the Wesley Place project will be constructed by Lendlease under a fixed price contract, and will comprise a new technology enabled Premium-Grade tower with 58,000 square meters of vertical campus style office and premium retail space across 35 floors.

One of the most tightly held area in Melbourne’s CBD, the site located at Wesley Upper Lonsdale is in the heart of Melbourne’s entertainment and cultural precinct .

One of the design features central to the building's sense of community is its four levels of cascading rooftop terraces and a revitalized urban realm comprising a retail and alfresco dining experience, along with a new urban park and activated community space.

The building has been designed to achieve a 5 Star Green Star rating, a 5 Star NABERS rating along with a Gold WELL rating.

The development rights for the Wesley Place Development were acquired in November 2015.