World-class tower proposed at Chifley Precinct

17 November 2021

Charter Hall has lodged a proposal for a world-class, future-focused workplace at 2 Chifley Square, which will help to meet the city’s employment space targets for future jobs growth.

The vision for this pre-eminent address includes a new tower, ‘Chifley South’, to be built adjacent to the existing tower, ‘Chifley North’, and a revitalised 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.

“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,” said Charter Hall’s Managing Director and Group CEO, David Harrison.

“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.
“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 3,500 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.

“While it will be several years before construction can start, Charter Hall will work closely with its stakeholders to deliver the highest quality design and build, at the forefront of sustainability and technology, for the city and our customers,” said Charter Hall’s Managing Director and Group CEO, David Harrison.

“This proposal is a valuable contributor to realising the City of Sydney’s strategy to protect our public places and put development in the right locations,” said City of Sydney’s Director of City Planning, Development & Transport, Graham Jahn.

“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.”

For more than 30 years, 2 Chifley Square has attracted leading Australian and global organisations and is currently 100 per cent leased, an achievement not seen in over a decade.

The precinct is located in the heart of Sydney conveniently located near three major CBD train stations, and the future Metro.

It is one of the largest single sites in the central CBD and has spectacular 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.