CPOF is pleased to announce the successful acquisition of a 50% tenants in common interest in The O’Connell Precinct (the Precinct) for $529.5 million. The acquisition is being funded via a joint venture (JV) between CPOF and the Charter Hall Group (“Charter Hall” or the “Group”) and represents a rare opportunity for CPOF to add a landmark asset to its market-leading office portfolio.
The Precinct comprises Premium grade office tower 1 O’Connell Street and adjacent assets at 8 Spring Street, 10 Spring Street, 16 Spring Street and 23 O’Connell Street, across a combined 6,200 square metres (sqm) with a total lettable area of 60,000sqm, which represents less than 50% of the total lettable area potential for the consolidated site.
Situated in Sydney’s Financial Core, the Precinct is recognised by the City of Sydney as a pivotal site for urban transformation and future development. Its prime location offers immediate proximity to both existing and planned major transport infrastructure, retail, recreation and entertainment and heritage landmarks. A Stage 1 planning approval has been secured for a new Tower adjacent to 1 O’Connell Street which would create approximately 125,000sqm of combined lettable area across the “super site” precinct.
This acquisition adds to the 7,800sqm Chifley precinct, providing the platform with two of the three largest financial core sites in the Sydney CBD. The ownership JV also now has preemptive rights over the co-owners interests.
Charter Hall Managing Director and Group CEO, David Harrison, commented, “This successful acquisition demonstrates Charter Hall’s ability to secure premium assets below replacement cost and grow our footprint in the Financial Core of Sydney’s CBD, at a strategic point in the property cycle.
You can now read the full press release at the link below
