Sensational-Adelaide.com

Work to begin on $250 million GPO Exchange building behind CBD post office
Richard Evans, Commercial Property, The Advertiser
September 4, 2017 5:00pm

WORK is to begin within the next two weeks on South Australia’s largest private CBD investment since the regeneration of the Adelaide Oval.

The hi-tech, $250 million GPO Exchange building is set to transform the look of Adelaide’s Victoria Square with a 20-storey tower soon to spring up.

Investment giant Charter Hall has announced its $3.5 billion Prime Office Fund has finalised a 12-year lease with the state Attorney-General’s Department to occupy half of the vast 24,500 sqm building.

Construction will begin the week starting September 18, with a completion date of July to September 2019.

National builder, Built, has been appointed to undertake the construction of the site near the top of Franklin St.

The 82-metre high GPO project — on land most recently used as a car park — will include 19 floors of A-grade commercial office space, a new ground floor foyer, retail precinct and 71 secure carparking slots as well as a refurbishment and upgrade of the heritage-listed Telephone Exchange Building.

“This significant milestone will see us develop a high-quality asset that will exceed the expectations of our tenants and the community and demonstrates what can be achieved when all stakeholders work collaboratively for the benefit of the SA economy,” Charter Hall’s head of office development, Andrew Borger said.

Property investment outfit Charter Hall also manages the adjoining ATO-leased office tower through another fund, while the CPOF, which has 21 properties mostly on the eastern seaboard, was named as one of Australia’s top performing wholesale funds, in the Property Council’s recent Investment Performance Index.

The stage-one tower — a smaller stage-two tower will be added later — will join a proposed 30-storey residential building directly opposite the new GPO tower, mooted by Cox Architecture in June, in uplifting Victoria Square and abetted by current construction at the nearby Kodo Apartments on Angas St, Uniting Communities on Franklin St and Bohem on Whitmore Square, all of which will have views of the square on completion.

EBG wrote: ↑

Sun Sep 24, 2017 11:32 pm

23/9/17 An excavator with a large reach for Demolition is now on site.