Demand For Melbourne Office Space Remains Strong

09 October 2019

Ongoing demand for office space in Melbourne’s CBD has ensured Charter Hall’s $1.2 billion development at Wesley Place is fully tenanted – almost a year ahead of the building’s scheduled completion.

Marking the occasion today, Victorian Treasurer Tim Pallas said Australia’s largest super fund, AustralianSuper, is one of a several key tenants to take up residence in the new 35 storey tower at 130 Lonsdale Street.

Telstra Super, Cbus, the Uniting Church, Vanguard, and the newly-formed Australian Financial Complaints Authority, complete the tenancy mix.

Charter Hall’s landmark development is located in one of Melbourne’s most tightly-held office precincts.

Data from the Property Council of Australia’s 2019 Office Market Report shows Melbourne’s CBD office vacancy is the tightest in the country, at 3.8 per cent.

The Andrews Labor Government granted planning permission for the development in April 2016 which allowed for extensive archaeological investigation of the surrounding Wesley Church precinct.

The entire site is listed on the Victorian Heritage Register and Heritage Victoria’s permission was also sought as part of the broader planning approval.

Wesley Place has been built around one of the earliest intact church complexes in Victoria, built in the Gothic Revival Style, and the church spire is believed to have been the first built in the state.

From the outset, Charter Hall has worked closely with the government to balance heritage preservation with the need for more office space in the CBD.

Quotes attributable to Treasurer Tim Pallas

“This exceptional development is indicative of the solid demand for office space in Melbourne’s CBD, proving that Victoria continues to grow and attract significant investment, despite global economic headwinds.”

“This precinct shows how new development can be carefully designed to accommodate new office space while working in with historic city surrounds.”

Reviewed 19 August 2020

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