Charter Hall’s game changer for Adelaide

South Australia’s largest private CBD investment since the regeneration of the Adelaide oval, the $2 million GPO Exchange project is set to revitalise a heritage landmark, create jobs and stimulate growth.

Work on the new 20-storey A Grade tower commenced this month, after Charter Hall’s wholesale fund finalised a 12-year lease with the South Australian Attorney General’s Department for per cent of the space.

The 24,0 sqm GPO Exchange project will feature a striking new tower on land most recently used as a car park. The building will include a retail precinct, 71 secure car parks and the upgrade of the heritage listed Telephone Exchange Building.

From its opening in 1872, the Adelaide GPO was one of South Australia’s most important public buildings. The building’s scale, architectural detailing and prominent location underscore its importance as the centre of communication services for many decades.

Andrew Borger, Charter Hall’s head of office development, says the project is not just about creating another landmark office tower, but also an opportunity to “deliver economic activity in the heart of Adelaide”.

Charter Hall has appointed Built to undertake the first stage of the redevelopment.

Built Managing Director Brett Mason says the program of works will be “respectful of the heritage elements of the project, deliver a high quality commercial office building and minimise interruption to the activities and functionality of the CBD”.

The building will target Green Star, NABERS and WELL Building Standard ratings.

Moving the Attorney General’s Department from 45 Pirie Street to the new high-performance building will reportedly reduce the amount of space used by the department by around 16 per cent and save the state government more than $25 million in ongoing costs, including rent, cleaning and electricity, over the 12-year lease.

Construction is expected to be complete in the third quarter of 2019.

Adrian Taylor, Charter Hall’s head of office, says the investment in the GPO Exchange furthers Charter Hall’s credentials “as one of Australia’s top performing wholesale funds”.