Charter Hall secures development management rights at 1PSQ
Charter Hall Group today confirmed that it has acquired the development rights to the 1PSQ project in Parramatta from Leighton Properties. The building is the future home of Western Sydney University’s new Parramatta City Campus, located within Parramatta CBD’s world-class Parramatta Square urban renewal precinct.
This announcement follows the acquisition of the site 12 months ago by two of the Group’s managed funds, Core Plus Office Fund (CPOF) and Direct Office Fund (DOF). At that time, the funds entered into a development agreement with Leighton Properties for the construction of a new office building, 100% pre leased to the Western Sydney University for 15 years.
Charter Hall’s Head of Office Development Services, Andrew Borger said: “Today’s announcement will ensure that we are in the best position to deliver a world class facility for WSU and its students as well as our investors.
“The depth of our internal development capabilities means that we are able to partner with our clients to deliver high performance workspaces as well as create investment grade properties, adding significant value and enhanced income yield and total returns for our managed funds.
The new A-grade building will comprise approximately 26,500 square metres of commercial office space across 14 floors, with the University committing to the entire building on a 15 year lease, with further options. The building is well located on the corner of Smith and Macquarie Streets within Parramatta City Council’s greater Parramatta Square Masterplan, a strategic three hectare redevelopment in the city’s CBD, and has convenient access to rail, road, bus and ferry transportation.
“Over the past 12 months Charter Hall has completed major office projects at 570 Bourke Street in Melbourne and the new BoQ headquarters in Brisbane’s near city suburb of Newstead. Along with 1PSQ, our current development pipeline includes major office projects at 333 George Street in Sydney, and the recently announced new Aurizon headquarters in Brisbane’s Fortitude Valley,” Mr Borger added.
Construction is currently well advanced with completion expected in late 2016 for the first semester in February 2017.
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