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Charter Hall Appoints Built to Revitalise Office Building in Brisbane's Golden Triangle

23/10/2008

Charter Hall is pleased to announce the appointment of Built as the building contractor to redevelop 40 Creek Street in Brisbane's %u2018Golden Triangle'

Acquired by Charter Hall's Opportunity Fund No.5 (CHOF5) in June 2008, 40 Creek Street will offer approximately 12,000m2, of refurbished commercial office space across 17 levels, with retail on the ground floor and car parking for 70 cars. The redevelopment of 40 Creek Street will embrace Charter Hall's ESG policies and target a minimum 4 Star NABERS Energy rating for the building.

40 Creek Street will provide the Brisbane business community with a highly specified and affordable opportunity to place their business in the heart of Brisbane's core CBD.

Charter Hall's Joint Managing Director, David Southon said: "Charter Hall has a strong track record in delivering high quality refurbishments including the recent completion of Northbank Plaza in Brisbane's CBD. The acquisition of 40 Creek Street further demonstrates Charter Hall's ability to identify and secure opportunities to refurbish, reposition and re-lease well located properties, delivering superior returns to its investors".

Adding further "Given Built's experience and reputation in refurbishing commercial office projects, we believe they will be key to providing a superior product".

Built has completed the major repositioning of a number of CBD commercial buildings including 77 King in the Sydney CBD, home to the flagship Apple store, and recently finished works on the Riverside Centre Promenade dining and entertainment precinct.

Built Director, Brett Mason said: "We're very much looking forward to working with Charter Hall on this exciting project and delivering a new lease of life to their investment".

Charter Hall's Leasing Director, Emil Joubert said: "40 Creek Street will attract tenants who are potentially already located in the Golden Triangle, and require high quality business premises".

Adding further: "Tenants in Brisbane, like every other Australian capital, are looking for well located accommodation options that offer good value, both in terms of economics and efficiency. The combination of well specified services, flexible floor plates of 643m2, quality finishes and immediate proximity to the Brisbane core at lower relative occupancy costs, represents excellent value within the Golden Triangle".

Mr Joubert will co-ordinate the leasing of 40 Creek Street together with appointed leasing agents DTZ and CB Richard Ellis.

The debt finance for this project is being provided by Westpac Banking Corporation and was finalised last week. This is the second project in CHOF5 for which Westpac has recently provided the senior debt finance, reinforcing the strong relationship that Charter Hall has across the full range of its managed unlisted funds with a number of financiers, which also include NAB, CBA, St George, HBOS, ING and AXA.

Construction works on 40 Creek Street will commence in this month with completion scheduled by mid 2009.