Chifley Square achieves NSW Government approval to proceed with redevelopment plans

Charter Hall Group’s (Charter Hall or the Group) plans to deliver a world-class workplace at 2 Chifley Square in Sydney’s CBD have reached another milestone, with the NSW Government granting Gateway Determination for the project to proceed to the next stage.   

The vision for this pre-eminent address includes a new state-of-the-art tower, Chifley South, to be built adjacent to the existing tower, Chifley North, and a revitalised public domain at Chifley Square. 

Charter Hall’s Managing Director and Group CEO, David Harrison, said, “Gateway Determination is a major step in realising our vision for 2 Chifley Square, and directly aligns with the NSW Government’s drive to reinvigorate the CBD and enhance Sydney’s reputation as an international city. It’s a vote of confidence in the return to workplaces which is vital to our wellbeing, collaboration and mutual success.”   

The new Chifley South tower will provide over 50,000 square metres (sqm) NLA of premium office space, which has already achieved leasing precommitment from Charter Hall and global investment bank, UBS. 

“While it will be several years before construction starts, Charter Hall will be working closely with its stakeholders to ensure 2 Chifley Square will be at the forefront of sustainability innovation and achieve the highest quality design and build,” said Mr Harrison. 

Charter Hall’s Planning Proposal directly aligns with the City of Sydney’s objectives to enhance the city, increase employment-generating floor space, and provide high quality office space for premium tenants and international corporations. 

Over coming years, the Chifley Square development will create 3,500 jobs in the construction phase before supporting thousands of professionals in the new Chifley South tower. 

The Charter Hall Prime Office Fund (CPOF) originally purchased the 2 Chifley Square freehold for $98.5 million in 2018 and are also one of the leasehold owners. CPOF also owns the leasehold interest in the adjoining Gresham Building at 167 Macquarie Street.