Property Australia

Wesley Place precinct points to a strong office market

PROPERTY AUSTRALIA November 10, 2020

After the Victorian Government fast-tracked development approval of Charter Hall’s $60 million upgrade of 150 Lonsdale Street, constructing the next piece of the Wesley Place puzzle will keep 1,500 people in jobs.

 

 Why we love this project:

  • The $1.5 billion Wesley Place precinct comprises 110,000 sqm of technology-enabled workplaces at 130, 140 and 150 Lonsdale Street.
  • The 1.1-hectare precinct includes a collection of five of Melbourne’s most significant neo-gothic heritage buildings – Wesley Church, the Caretaker’s Cottage, the Manse, School House and Nicholas Hall – which are undergoing restoration
  • David Harrison, Charter Hall’s managing director and group CEO, says “a commitment of this scale” at Wesley Place “reflects confidence in the long-term future of the Melbourne CBD office market”.

Construction on the $60 million repositioning of 150 Lonsdale Street commenced last week and is due for completion in late 2021. Next door at 140 Lonsdale Street, the $350 million office tower – the new home for the Australian Federal Police – is on schedule for completion in late 2022. Lendlease is construction partner for both developments.

Meanwhile, the 60,000 sqm, $750 million commercial office building at 130 Lonsdale Street has reached practical completion.

Both 140 and 150 Lonsdale Street received fast-tracked development approval from the Victorian Government earlier in the year, as part of the Building Victoria’s Recovery Taskforce’s mandate to keep the state’s economy moving and to create jobs.

Victorian treasurer and minister for economic development Tim Pallas says Charter Hall’s projects will “play a key role in our economic recovery by creating direct and indirect jobs, and these developments will become wonderful additions to our city”.

111120 - Project - 150 Lonsdale Street Retail View

The Wesley Place precinct has created more than 2,000 jobs to date and will continue to employ 1,500-plus people through the construction phases.

Located near the corner of Exhibition and Lonsdale streets, Wesley Place is home to one of only four public green spaces in the Melbourne CBD

150 Lonsdale Street’s repositioning will create a modern A-Grade $300 million, 30,000 sqm commercial office building. A six-level podium extension and ground floor lobby will be integrated with a new pedestrian thoroughfare from Lonsdale Street through to Little Lonsdale Street.

The major upgrade will also provide tenants with new retail offerings, a dedicated concierge, a wellness centre, hotel-style end-of-trip facilities and a new business hub.

Charter Hall has a development pipeline of $6.8 billion, as well as a $41.8 billion portfolio of 1,300 high quality, long leased properties.

111120 - Project - 150 Lonsdale Street Lobby