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Charter Hall's 275 George Street Brisbane, Tops Out Ahead of the Competition with 5 Stars

30/10/2008

The Charter Hall Group is proud to celebrate the ‘topping out’ of its 275 George Street project in Brisbane’s CBD in early October, coinciding with the announcement of a 5 Star Green Star – Office Design v2 rating by the Green Building Council of Australia (GBCA).

Construction on the environmentally sustainable building is running ahead of schedule and 275 George Street topped out ahead of other new developments such as NorthBridge and 400 George Street. Current estimates put the 275 George Street's completion date around two months ahead of schedule, which is now projected for completion date in early Q2 2009.

275 George Street, jointly owned and developed by Charter Hall's Core Plus Office Fund (CPOF) and Charter Hall Opportunity Fund (CHOF4), is part of Charter Hall Group's $600 million Brisbane CBD office development. The development comprises 40,000m2 of contemporary A-grade office space over 30 levels with1,430m2 of retail space. Charter Hall made Brisbane history last year in pre-leasing over 30,000m2 of the commercial office space to Telstra, who is scheduled to move in upon completion by mid 2009.

The 5 Star Green Star rating reinforces Charter Hall's commitment to achieving excellence through its Environmental, Social and Corporate Governance (ESG) initiatives.

David Southon, Charter Hall's Joint Managing Director said: "275 George Street is one of the few buildings in Brisbane's CBD to be acknowledged with a 5 Star Green Star Design Rating and reflects the development's design philosophy and position as one of the most dynamic commercial office towers in Brisbane's CBD".

275 George Street has been designed with high efficiency water features that have been estimated to provide water savings in the order of 20 mega litres a year in comparison to a typical office building not adopting saving measurements. Norman Disney & Young (NDY), the project's ESD consultant has advised that this saving is the equivalent to the volume of eight Olympic swimming pools or the yearly water consumption of 99 households.

Charter Hall's Development Director, Chris Chapple added that "275 George Street has the potential to save over 50% of energy consumed annually and presents some interesting facts when compared to a typical 3 Star NABERS Energy rated equivalent office building. 275 George Street's Ecologically Sustainable Design (ESD) initiatives equate to taking 590 cars off the road, 1,384,208 litres of fuel consumed or electricity consumed by 427 homes for one year."

Watpac's Managing Director, Greg Kempton said:"It has been a pleasure to once again work with Charter Hall on a project that will become an iconic structure in the city centre.

"Being two months ahead of schedule, and having achieved a 5 Star Green Star Rating, is a testament both to Charter Hall's development skills, and Watpac's reputation for delivering quality projects on time and on budget."

Designed by award winning architectural firm, Crone Partners, 275 George Street has also recently taken receipt of a Commitment Agreement to achieve a 4.5 star NABERS Energy rating, from the Department of Environment and Climate Change.

Charter Hall is aiming to achieve further Green Star and NABERS Energy ratings with other developments, as part of its ESG policy Balance. These commercial developments include Northbank Plaza, which adjoins 275 George Street and is part of its CBD campus, which has signed a Commitment Agreement to achieve a 4 star NABERS Energy rating, a notable achievement given the building is over 30 years old. 40 Creek Street, located in Brisbane's golden triangle, is being designed to achieve a 4 star NABERS Energy rating as part of its refurbishment later this year. Alluvion, an A-grade office development located in Perth's CBD is targeting at 4 Star Green Star rating and a 4.5 star NABERS Energy rating. Charter Hall's head office located at 333 George Street in Sydney's CBD, was recently awarded a 4 Star Green Star – Office Interiors v1.1 certified rating, which was the first commercial office project to be awarded this rating.