Charter Hall reaches further milestone at its $4 billion Chifley two-tower precinct

Charter Hall Group (Charter Hall or the Group) is pleased to announce the latest milestone of its $1.8 billion Chifley South development in the super core precinct of the Sydney CBD, with construction progressing above ground level.

Chifley South is now well into the main construction program and, once completed in mid-2027, will be home to approximately 10,000 workers. The precinct will house Australia’s leading businesses, with UBS, Morgan Stanley, Gilbert + Tobin and Charter Hall among existing and committed tenants.

Upon completion, the Chifley precinct – comprising the existing Chifley North tower and the new Chifley South tower – will have a combined value of approximately $4 billion, owned by a wholesale partnership with some of Charter Hall’s largest wholesale investors, including GIC, VFMC and TelstraSuper. It will be Charter Hall’s largest asset, with a combined NLA of ~110,000sqm.

As well as the quantum of office space, the upgrade of the broader Chifley precinct will include class-leading tenant amenity, a new arrival experience including new lobby, and a significant retail offering to reactivate the public domain at Chifley Square – all well-serviced by ample public transport, amenity and wellness offerings.  

Charter Hall Office CEO, Carmel Hourigan, said, “Chifley has long been regarded as an iconic address for the business, finance and legal community in Sydney. With the expanded precinct we will deliver alongside our construction partner Built, and Chifley South’s world-leading modern and sustainable design, Chifley is set to be Australia’s leading CBD office precinct.

“Demand from tenant customers for best-in-class offices, in prime locations with quality amenity and strong sustainability credentials, is outpacing supply, driving extremely low vacancies in premium assets. Chifley South is one of very few projects planned in the Sydney CBD between now and the end of the decade, so it’s well-positioned to absorb growing demand.”

Charter Hall is targeting Climate Active Carbon Neutral Building certification for the new Chifley South, and existing Chifley North, with features including an upgrade to precinct-wide electrification and 100% of energy supply coming from renewable sources.

Lord Mayor of Sydney, Clover Moore, said, “Seeing good developments as they rise from the ground and knowing how they will contribute to the success of our city is exciting. We are proud to be working with Charter Hall on this prestigious project in the heart of the city’s financial centre. It’s developments like these that strengthen Sydney’s position on the world stage, attracting investments and talent to bolster our economy.”

Charter Hall Managing Director and Group CEO, David Harrison, said, “Chifley says everything about Charter Hall’s commitment to creating world-class precincts – meeting demand for the highest quality office accommodation, attracting an institutional quality tenant roster, and delivering attractive opportunities for our investment partners.

“Forty per cent of Charter Hall’s $24 billion office platform comprises modern, world-class office precincts like Chifley, No.1 Martin Place and 2 Park Street in Sydney; East End Place, 555 Collins Street and Wesley Place in Melbourne; and 360 Queen Street and the Brisbane Square/275 George Street precinct in Brisbane – all of which combine to a create a $10 billion portfolio of modern office precincts created over the past seven years.

“The Chifley South development will re-energise the Chifley precinct as the nation’s best, and further support Sydney’s status as a global destination for business and talent.”