Cromwell Injects $85m into Canberra’s Office Pipeline

Cromwell Property Group is planning an $85 million A-grade commercial building in Canberra’s Barton precinct.

The ASX-listed real estate investor has lodged a development application to demolish existing buildings at 19 National Circuit and construct a six-storey, 18,000sq m net lettable area building with average floor plates of 3200 square metres.

The site was acquired in 2005 by Brisbane-based Cromwell, which has significant offshore interests and is engaged in an ongoing public tussle with its largest shareholder, Singaporean real estate giant ARA Asset Management.

Located directly opposite the National Press Club and in close proximity to Parliament House and other key federal government agencies, the site is currently home to a four-storey, 1993-built premium office space with a net lettable area of 7,073sq m.

Cromwell's head of property Bobby Binning said the project bolsters the group's strong portfolio of value-add projects.

“Cromwell’s development pipeline consists of over $1 billion of value-add projects either under way, or likely to commence within the next few years,” Binning said.

With end-of-trip facilities, ground floor retail and 225 basement car parking spaces, the development neighbours the National Press Club and adds 10,000sq m of space to Cromwell's portfolio.

The project is targeting a 6-Star Green Star and NABERS energy ratings, and is designed to exceed government tenant services zoning specifications.