Charter Hall has lodged a proposal for a new tower at 2 Chifley Square in Sydney to help meet the city’s employment space targets for future jobs growth.
The tower, ‘Chifley South’, will be built next to the existing tower ‘Chifley North’. In addition, the company plans to revitalise the public domain at Chifley Square.
The Chifley Precinct plans directly align with the City of Sydney’s objective of maintaining Sydney’s role as a global city – and will involve detailed consultation and a design competition.
Charter Hall’s Managing Director and Group CEO, David Harrison, said the 2 Chifley Square address is already synonymous with some of Australia’s most prominent and successful business and legal minds, and its reputation is now set to expand for a new generation.
“The future tower is a vote of confidence in Sydney’s economic recovery and its permanence as a global business destination and will further seal the Chifley Precinct reputation as a powerful corporate address,” Harrison said.
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“The City of Sydney has identified this site as an area suited for more commercial office and retail floor space, which is needed in the CBD to accommodate future jobs growth.
“This project will support thousands of workers in premium, well-located commercial space after its completion, where proximity to the new Sydney Metro will make the ‘30-minute’ city a reality for many workers – as well as create 3500 jobs through construction.
“Large corporates continue to seek premium offices and recognise the value of state-of-the-art workplaces in creating a platform for organisational culture, attracting and retaining top talent and driving business performance.”
It will be several years before construction can start, and Charter Hall aims to work closely with its stakeholders to deliver a high quality design and build.
City of Sydney’s Director of City Planning, Development & Transport, Graham Jahn, said the proposal is a valuable contributor to realising the City of Sydney’s strategy to protect its public places and put development in the right locations
“It will contribute to our target economic floor space, and bring an important site into a sustainability benchmark position – with the new tower promising to be a leader in this space, and improvements to be made to the operation of the existing (northern) tower as well,” Jahn said.
Chifley Square is one of the largest single sites in the central CBD and has views across Sydney Harbour, the Royal Botanic Garden and other major Sydney landmarks.
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.
The proposal is in the early stages of an extensive planning process, involving a planning proposal that has just been unanimously endorsed by the City of Sydney.
The proposal will now progress through the NSW Government’s Gateway Determination process, before going on public exhibition, and then will be subject to a design competition, followed by a detailed development application process.