Today marks Adelaide General Post Office’s move to Charter Hall’s Exchange tower on Franklin Street. The iconic GPO opened its doors 147 years ago at 1 King William Street, serving the community as one of the most important public buildings. The state-heritage listed building was designed by local architects Wright & Woods in 1866, with an extension to the King William Street façade added from 1891 to 1893.
Its old home, 1 King William Street, is set to be transformed into a retail and dining hotspot as a part of The Westin Adelaide development. The new hotel represents Marriott International’s first foray into the South Australian market and is due for completion in 2022. Guests will be treated to breathtaking views of the city skyline, with over 280 guestrooms on offer across 15 storeys.
The $250 million Charter Hall development will also welcome multinational mining giant BHP within the month. BHP signed a long-term 10-year lease which includes naming rights, covering approximately 10,000sq m or 40 per cent of the net lettable area. BHP’s 900 employees are expected to make the transition to the new headquarters shortly.
In addition to the GPO Exchange development, Charter Hall also acquired 121 King William Street from private equity group Blackstone for $82.25 million. The purchase represented the largest commercial deal of 2019 so far, reaffirming Charter Hall’s confidence in the local market. The 13-storey tower is almost fully occupied with major tenants such as Ernst & Young and Jacobs Engineering Group, as demand for Adelaide CBD commercial space continues to rise. The office vacancy rate hit a 5-year low this year, as the Property Council Office reported earlier this year the Adelaide CBD vacancy rate dropped for the fifth consecutive period.