Melbourne's Wesley Place Precinct has entered the next phase of development, with Charter Hall Group confirming it has begun the $60 million upgrade and repositioning of 150 Lonsdale Street.

This follows significant milestones for Charter Hall’s transformative $1.5 billion Wesley Place Precinct this year, with construction also moving forward at 140 Lonsdale Street and Practical Completion reached for the 60,000sqm, $750 million commercial office building at 130 Lonsdale Street.

The 150 Lonsdale Street project, which is due for completion in late 2021, will create a modern A-Grade $300 million, 30,000sqm commercial office building.

A six-level podium extension and premium ground floor lobby experience will be integrated with a new pedestrian thoroughfare from Lonsdale Street through to Little Lonsdale Street.

Source: Charter Hall

The $350 million 140 Lonsdale Street A-Grade office tower will be the new home for the Australian Federal Police (AFP) and is due for completion in late 2022.

Both projects received fast-tracked Development Approval from the Victorian Government earlier in the year, as part of the Building Victoria’s Recovery Taskforce’s mandate to keep the state's economy moving and to create jobs.

Charter Hall has appointed Lendlease as the construction partner for both projects, with works onsite able to be undertaken in accordance with Lendlease’s strict COVID-19 safety measures.

The Wesley Place precinct has created over 2,000 jobs to date and will continue to employ over 1,500 people through the construction phases at 140 and 150 Lonsdale Street. 

Source: Charter Hall

Charter Hall’s Managing Director and Group CEO, David Harrison, said it was an important time for the Wesley Place precinct.

"As well as reaching practical completion for 130 Lonsdale Street this year, the final step towards delivering the three future-ready commercial towers has begun with the new Victorian State Office for AFP under construction at 140 Lonsdale Street and 150 Lonsdale Street’s upgrade and repositioning works now underway," he said.

“We know how important job creation is for the Victorian economy and we ensured moving forward with works onsite at 140 and 150 Lonsdale Street was a priority after receiving fast-tracked Development Approvals from the State Government.

"We’d like to thank the Victorian Government for its continued support for this transformative precinct within the CBD.

"A commitment of this scale also reflects our confidence in the long-term future of the Melbourne CBD office market."

Victorian Treasurer and Minister for Economic Development, Tim Pallas, said Victoria remained open for business, despite the current challenges posed by coronavirus.

“I congratulate Charter Hall for getting these projects off the ground," he said.

"They will play a key role in our economic recovery by creating direct and indirect jobs, and these developments will become wonderful additions to our city.

"Throughout this pandemic, we've stood with the sector by making sure they can continue to make progress building a bigger and better Victoria."

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