Charter Hall's 41,700sqm Brisbane office tower reaches practical completion three months ahead of schedule

Charter Hall Group is pleased to announce its newest flagship office tower, located at 275 George Street, in the heart of Brisbane's CBD, has reached Practical Completion three months ahead of schedule. The initial contractual completion was scheduled for the end of June 2009.

275 George Street is jointly owned and developed by Charter Hall's Core Plus Office Fund (CPOF) and Charter Hall Opportunity Fund No.4 (CHOF4), and is part of Charter Hall Group's $600 million Brisbane CBD office development. The completed development comprises 40,300sqm of contemporary A-grade office space over 30 levels plus 1,430sqm of retail space.

275 George Street achieved a 5 Star Green Star - Office Design v2 rating last year, reinforcing Charter Hall's commitment to achieving excellence through its Environmental, Social and Corporate Governance (ESG) initiatives. In addition, to its Green Star design rating achievement, Charter Hall is targeting a 5 star As Built rating for the project.

In December 2006, Charter Hall secured Brisbane's largest tenant pre-commitment by agreeing terms with Telstra for approximately 50,000sqm of office space in 275 George Street and the adjoining Northbank Plaza. Telstra has been joined by QGC, which committed to 10,408sqm earlier this year, bringing the office pre-leasing of the tower to 100%. In addition to the office space, the Cicada Group committed in February 2009 to 100% of the retail food outlets on the ground floor and is targeting to open for business at the end of May. A small amount of prime retail space remains available for lease, with strong interest being expressed by a range of tenants who are keen to capitalise on the main street presence, pedestrian thoroughfare and the immediate worker population both in this building and surrounding buildings.

David Southon, Charter Hall's Joint Managing Director said: "Charter Hall is very pleased to have delivered this substantial CBD project three months ahead of schedule. This is an outstanding result and demonstrates the Group's ability to work collaboratively with the project team and its major stakeholders including Brisbane City Council, Watpac, Crone Partners and a major national tenant in Telstra, to produce an iconic yet highly functional product ahead of time and on budget."

Watpac's Managing Director Greg Kempton said the project was a perfect example of repeat business with a knowledgeable client.

"Once again Watpac have been able to deliver a significant project for a respected client in a way that harnesses the team experience," Mr Kempton said.

"275 George Street was a technically challenging project. As an important member of the project team, Watpac were able to achieve an exceptional result ahead of programme, and under budget.

"We are confident the new tenants will appreciate the high-quality building we have delivered, and we look forward to working with Charter Hall again in the future."

David Harrison, Charter Hall's Joint Managing Director said: "This is an excellent outcome for the Group's investors in CPOF and CHOF4, showcasing Charter Hall's hands on approach to delivering value across the risk-return spectrum".