Charter Hall completes new NSW public sector flexible office hub at 231 Elizabeth Street, Sydney

Charter Hall Group has completed the $110 million refurbishment of its commercial office tower at 231 Elizabeth Street, Sydney.

The reimagined 23,275sqm A-grade building will be a new Sydney CBD flexible office hub for the NSW public sector and continues Charter Hall’s growing customer partnerships with Government in providing future-proofed workplaces that meet current and long-term needs.

The government will take up 13-storeys in the 15-storey office tower, filling 21,700sq m over levels two to 13 and taking the hub to 100 per cent leased.

Charter Hall acquired 231 Elizabeth Street in late 2017 for $340 million from Chinese investors.

The significant refurbishment works have completely transformed the ground floor area, opening and activating previously underutilised spaces to provide greater areas for collaboration, including a new lobby café and large central lounge area. The neighbouring Hyde Park has been drawn into the building by the considered use of natural materials and greenery, promoting wellness for the workplace community.

Across the 14 levels of connected office space, workplace fit outs offer a flexible, tech-enabled and sustainable solution for approximately 2,000 public sector workers. The building is now designed to achieve 5.5 Star NABERS Energy and 4 Star NABERS Water ratings, and a 5 Star Green Star Interiors rating.

Charter Hall’s Office CEO, Ms Carmel Hourigan said the Group was proud to deliver a new and future-proofed workplace for the NSW public sector, following a highly collaborative process with the Department of Planning, Industry and Environment’s Property and Development division.

“Our depth of experience working with the public sector and existing partnership with the NSW Government allowed us to tailor the workplace design and experience to meet its current and future needs. 231 Elizabeth Street has been completely revitalised, creating a high quality, tech-enabled and connected environment that is well-equipped for public sector workers to navigate the ‘new normal’ as they return to the office.

“This refurbishment supports our vision to create unmatched workplace experiences for organisations in both the public and private sector, helping them to maintain engaged, productive and healthy workforces,” said Ms Hourigan.

Charter Hall is Australia’s leading provider of office space to Government tenants which currently spans 89 leases in 31 buildings, across six states and territories. 231 Elizabeth Street is among the Group’s 27 office leases to the NSW public sector.

Ms Hourigan noted, “We have proven expertise in delivering innovative workplace solutions for Government, with over 360,000sqm of office space currently under management for the public sector, and more under construction.” Head of Office Investment Management and Fund Manager for the

Charter Hall Prime Office Fund (CPOF), Mr Matthew Brown, said the long-term lease and partnership with the NSW Government at 231 Elizabeth Street had increased the Fund’s overall weighting of Government tenants to 25.1 per cent.

“The transformation of 231 Elizabeth Street demonstrates Charter Hall’s ability to strategically identify investment opportunities. In doing so, we unlock value for our Funds by revitalising and curating existing assets to meet the specific requirements of tenant customers – in this case the NSW public sector’s need for a flexible and future-focussed agile work environment.

“It’s the integrated expertise between our Charter Hall investment, asset and property management teams that produces true value for tenant customers and market-leading results for our investors” said Mr Brown.