Charter Hall Tops Out $1.8 Billion Chifley South Tower in Sydney CBD as New Tenants Sign On

Charter Hall Group has topped out Chifley South, its $1.8 billion office development in Sydney's central business district, and announced additional office and hospitality commitments for the project, the firm said on Nov. 9, 2026. Completion is anticipated in mid-2027.

The topping out was delivered with construction partner Built. Charter Hall described Chifley South as one of very few major office projects underway in the Sydney CBD against a backdrop of limited new supply.

Charter Hall Secures More Than 10,000 Square Metres of New Leasing

Charter Hall said more than 10,000 square metres of additional commercial and retail leasing has been secured at the project. The commitments include a full-floor lease from Landmark Group and expansions by pre-committed tenant customers UBS and Charter Hall itself.

Two hospitality operators have also pre-committed to the precinct's ground plane. Applejack Hospitality will open RAFI CBD at Chifley Square, while Kadlia, the group behind Kazan, will open a new fine-dining Japanese restaurant. Both venues are scheduled to open in September 2027.

Leasing commitments at Chifley South had exceeded 50% by early 2026.

Chifley South and Chifley North Form a $4 Billion Precinct

Chifley South is a 37-storey, fully electric tower targeting a 6-star Green Star rating, according to the Lord Mayor of Sydney, Clover Moore. It will sit beside the existing 53-storey Chifley North tower. Together, the two towers will form a commercial precinct with an end value of approximately $4 billion, owned by a wholesale partnership managed by Charter Hall Group. The completed precinct is expected to accommodate up to 10,000 workers.

The precinct is opposite the new Martin Place Metro Station. Connectivity is to be further enhanced by the future Hunter Street Station nearby, which will link the CBD with Western Sydney.

Executives and Officials Comment on the Milestone

Carmel Hourigan, Charter Hall Office CEO and Institutional Client Services, said: "Topping out Chifley South is an important milestone in the transformation of the broader Chifley precinct and moves us closer to delivering the next generation of premium office space for Sydney." She added that the addition of Landmark Group, Applejack and Kadlia Group "reflects the strong appeal of the revitalised Chifley precinct and our vision to create a world-class destination that brings together premium workplaces, hospitality and amenity."

David Harrison, Charter Hall Managing Director and Group CEO, said: "Chifley South is a significant investment in the future of Sydney's CBD and reflects our confidence in the continued demand for high-quality workplaces in global gateway cities."

David Paterson, CEO Construction at Built, said the topping out follows "years of collaboration and detailed planning to deliver one of Sydney's most complex commercial developments alongside an existing operational environment." The release described Built as Australia's largest privately owned construction company.

Paul Scully, Minister for Planning and Public Spaces, said: "On the doorstep of a metro station and in the heart of the Sydney CBD, the new Chifley building is an investment in the future of jobs in Sydney."

Sydney CBD Office Market Context

Sydney CBD leasing conditions have improved most clearly for premium and high-quality buildings. Overall CBD vacancy declined to 13.3% in the third quarter of 2026, while premium vacancy fell to 7.7%. Prime net effective rents reached A$780 per square metre per year, up 6.5% year over year, and premium rents reached A$874 per square metre, also up 6.5%.

Separately, vacancy declined to 13.9% in the second quarter, from 14.6% at the end of 2025, with year-to-date net absorption of 39,300 square metres. Gross effective rents rose 8.3% year over year to A$1,135 per square metre per year.

In January 2026, premium vacancy stood at 8.9%, compared with overall Sydney CBD vacancy of 13.8%, and only three Sydney CBD buildings were under construction at the start of the year, all scheduled for completion in 2027. Chifley South is among the major future developments, alongside Atlassian Central at 58,000 square metres and 37–55 Pitt Street at 60,000 square metres.

Outlook for the Chifley Precinct

With construction at its highest structural point and mid-2027 completion targeted, Charter Hall's focus shifts to the remaining stages of delivery and the September 2027 opening of the precinct's hospitality venues. The project is a development announcement rather than a sale, and the precinct is owned by a wholesale partnership managed by Charter Hall Group.

Sources

• Charter Hall: Charter Hall's Chifley South tops out as new tenants commit to $4 billion Sydney CBD precinct