Charter Hall has found an investment partner – Victorian Funds Management Corporation – to hold a Richmond office pre-committed to Australia Post.
The 12 level, 32,000 square metre asset is earmarked for 480 Swan Street, at the south east corner of the Burnley St overpass.
The ground floor will contain c1000 sqm of retail.
As reported in May, Australia Post leased the bulk of the property for an initial 10 years; it will quit its headquarters at the Southern Cross West Tower, in the CBD.
Pair snare another government backed asset
Immediately north of the Burnley train station, 480 Swan St is expected to have an end value of c$410 million.
The asset will be owned by a Charter Hall managed partnership comprising Charter Hall Prime Office Fund and VFMC.
The same owners recently pre-committed Services Australia – the new name for the Department of Human Services – to a 14 storey office earmarked for 52-66 King William St, in Adelaide (story continues below).
They also hold a portfolio of Bunnings backed investments.
480 Swan Street
As part of developing the Australia Post office, Charter Hall will upgrade surrounding infrastructure – including the creation of a pedestrian pathway from the train station to Swan St.
“Charter Hall has a long track record in delivering placemaking precincts that go beyond the workplace and offer our customers amenity-rich experiences,” chief investment officer Sean McMahon said.
“480 Swan St is set to be a transformational project for the Burnley precinct,” he added.
Built has been appointed to deliver the project, scheduled for completion in 2024.
Subscribe to our newsletter at the bottom of this page.