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Charter Hall Group (Charter Hall or the Group) today announced that its latest commercial development, 333 George Street, has secured a new long term lease with Woolworths.
Woolworths will open the new 420sqm store under its ‘Metro’ format and will occupy space across the ground floor and lower ground floor of the building which has direct street access from Regimental Square and high visibility from George Street.
Owned by Charter Hall’s Prime Office Fund (CPOF) and located at the heart of George Street and Martin Place, the building offers 15 levels of contemporary office space across 12,500sqm and three levels of statement retail across 2,100sqm.
The Group’s latest commercial office development in Sydney has already secured long term retail leases with top four banking service provider, National Australia Bank (NAB) and international bank HSBC, both of whom will locate new CBD flagship retail and premium banking facilities at the revitalised commercial heart of Sydney.
CPOF Fund Manager, Craig Newman, said: “Our tenant customers are core to our business and we are pleased to extend our long term multi-sector relationship with Woolworths. We are also focused on creating value for our investors and the retail leases secured at 333 George Street to date represent nearly 30% of forecast income for the asset with additional commitments now secured over the majority of the office space.
“The re-emergence of Martin Place as the heart of Sydney’s CBD and the delivery of the light rail network along George Street provides Woolworths, NAB and HSBC with an unrivalled opportunity to position their business’ in what is becoming one of Sydney’s most prominent retail locations.”
A Woolworths spokesperson, said: “We work hard to ensure our Woolworths Metro stores are located in areas which are convenient for customers to easily access given their busy lives.
Our new format Metro store on George Street is in the perfect location to provide real choice and convenience for local customers offering lots of ‘grab & go’ meal options for breakfast and lunch, and full meals for dinner.”
As part of the redevelopment of 333 George Street, Charter Hall has also assumed responsibility for the upgrade of the adjoining Regimental Square, one of the city centre's important memorial squares. Regimental Square, a memorial dedicated to the Royal Air Regiment, is being upgraded to provide a revitalised memorial and commemorative space along with improved amenity for the high volume of pedestrians who utilise the thoroughfare including seating, planting and lighting.
The upgrade of Regimental Square has involved significant engagement between Charter Hall, the City of Sydney Council, the Royal Air Regiment and principal contractor, Watpac Constructions.
“The City has worked closely with Charter Hall, Watpac and the Royal Australian Regiment Association to revitalise and preserve the heritage of this important public space,” Lord Mayor Clover Moore said.
“The upgraded Regimental Square will feature improved seating and lighting, as well as widened footpaths to create more space for pedestrians. This will make it easier for people to walk through the area from Wynyard station and provide more passing trade for local business during light rail construction along George Street.
“The centrepiece of the square will be the carefully restored memorial, which has been a meeting place for the Royal Australian Regiment Association on Anzac Day for nearly half a century,” Ms Moore added.
333 George Street has been awarded a 5 Star Green Star Office Design v3 certification and will provide its occupants with an unrivalled opportunity to experience a highly efficient and inspiring workplace.