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Charter Hall Group (Charter Hall or the Group) announced today that it has secured Federal Government agency Services Australia as the major pre-commitment tenant at its $450 million 60 King William Street development in Adelaide’s CBD.
The 10-year lease to Services Australia, which delivers social, health and other support services, is one of the State’s largest office pre-commitments covering 28,500sqm across 10 floors. It takes the new building’s committed commercial net lettable area to over 70 per cent, with the only available space left on the top three skyrise floors.
More than 2,200 Services Australia staff will relocate to 60 King William Street in 2023. Building users will benefit from a number of innovative features including a secure entrance, sky lobby, touchless bathroom amenities, a wellness centre and very efficient 3,000sqm floor plates.
Minister for Government Services, Mr Stuart Robert, said “the new investment demonstrates Services Australia’s ongoing commitment to providing updated facilities in order to provide the best services for Australians.”
Charter Hall has appointed Built as its construction delivery partner for 60 King William Street, with works on site already underway. Completion is anticipated in mid 2023. More than 1,500 local jobs will be created during the development delivery phase. It is expected that 10 per cent of the on-site workforce will be new apprenticeships.
Senator for South Australia and Federal Finance Minister Simon Birmingham welcomed this major commitment by Services Australia that will help unlock thousands of jobs and provide a major boost for the South Australian economy.
“This iconic new development teamed with the long-term commitment by Services Australia couldn’t come at a more important time for our state,” Minister Birmingham said.
“With Services Australia now signed-up as the main tenant at 60 King William Street, construction can kick-off and that means jobs can start to flow.
“Charter Hall’s development is going to be jobs bonanza for South Australia - it won’t only create around 1,500 jobs during the construction phase but will also support thousands of jobs in the CBD after its completion.”
Comprising approximately 40,000sqm of office space and 3,600sqm of retail space for 3,500 commercial and retail workers, the 60 King William Street development will become the largest commercial real estate project in Adelaide’s CBD. It represents another substantial investment in the State by Charter Hall.
Designed by globally recognised Cox Architecture, the development will include a PCA A-Grade 14-storey office tower with state-of-the-art facilities, alongside a new retail, food and lifestyle precinct. The project incorporates the careful retention and restoration of the State heritage listed Sands and MacDougall facade.
South Australian Premier, Mr Steven Marshall said: "The transformative 60 King William development makes a clear statement that Adelaide and South Australia is open for business. This project will leave a lasting legacy on our CBD footprint and create a huge number of jobs at a time when employment and private investment is greatly needed. Today's announcement that Services Australia has made a 10-year commitment is very positive news and highlights the ongoing optimism in our State and economy."
Mr David Harrison, Charter Hall’s Managing Director and Group CEO, said he was thrilled to extend Charter Hall’s tenant customer relationship with Services Australia at 60 King William Street.
“Given the Commonwealth Government is a major tenant customer across our $45 billion property portfolio, we strongly value our relationship with the various Government agencies we partner with and look forward to delivering a quality workplace environment that will support the delivery of their services to the South Australian community” he said.
“Charter Hall has a long and proud history in South Australia, with a diversified portfolio of commercial office space, government and education facilities, retail, social infrastructure and logistics properties located throughout the State. The project will increase Charter Hall’s total investment in South Australia to more than $2.0 billion.
“We were very proud to officially open the $260 million GPO Exchange development in Adelaide’s CBD in October last year, and we maintain a positive outlook for the State. Building on this success, and in a major vote of confidence for the future of South Australia, 60 King William Street will be our largest commercial investment in Adelaide to date. We are excited to deliver this incredible project, which will be a significant employment generator and boost to the local economy,” said Mr Harrison.
Ms Carmel Hourigan, Charter Hall Office CEO, said 60 King William Street was more than just a business destination.
“60 King William Street will be an impressive and vibrant meeting place where visitors and the broader community can enjoy a range of high-quality food and beverage offerings. This includes cafes, barista bars, supermarket and restaurants, as well as allied health and wellness facilities,” she said.
“Charter Hall is not just building a commercial office tower – we are contributing to the fabric of Adelaide’s CBD with a new ground floor retail precinct and a variety of amenities that will benefit our tenant customers, the local community and visitors alike.
“The asset will be owned by a Charter Hall partnership comprising the $7 billion Charter Hall Prime Office Fund (CPOF), the $1.7 billion Direct PFA Fund and an institutional mandate with VFMC. The strong investor interest in the asset highlights the demand for quality assets with long leases and blue chip tenant covenants. Post COVID we continue to see demand for assets that offer state of the art workplace and technology” said Ms Hourigan.
The South Australian Government’s State Commission Assessment Panel (SCAP) provided development approval for the $450 million urban renewal project in November 2020. The site is located at 52-66 King William Street in Adelaide’s CBD, and will be known as “60 King William Street or 60KW.”
About 60 King William Street