As part of the new joint venture, Charter Hall and VFMC have secured a 10-year pre-lease agreement with Australia Post as the anchor tenant for its $480 million office development located at 480 Swan Street, Richmond. The development – set to start construction immediately – will include 32,000 sqm purpose-built office space over 12 levels, including 1,000 sqm of retail on the ground level.
In Charter Hall’s announcement, chief investment officer, Sean McMahon, said: “480 Swan Street is set to be a transformational project for the Burnley precinct, with a significant upgrade to the office offering in the area as well as improvements to the surrounding infrastructure, which will benefit the local community.”
Stephen Sharp commented on the deal: “We are delighted to have advised Charter Hall and VFMC on this milestone transaction, which presents an exciting opportunity to reinvigorate the Burnley precinct and we congratulate the team on its finalisation.”
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