Cromwell Property Group to develop office for federal govt department
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The news: Cromwell Property Group has entered an agreement for lease to develop an office building for an unspecified Commonwealth government department in Barton, Canberra.
The numbers: Cromwell said it was a 15-year lease that included a five-year extension option.
The 19,800 square metres, six-level facility is designed to achieve 6.0-star NABERS Energy and 6.0-star Greenstar rating.
The context: Development will be led by Cromwell’s in-house development team and will initially be funded by the property group.
The Barton site is located within the Parliamentary precinct and “enables the consolidation of multiple Commonwealth tenancies into a single building, close to important counterparts and Capital Hill”.
Cromwell also announced that, following the completion of the sale of its European platform, it had renegotiated its bilateral debt facilities to decrease its weighted average drawn credit margin from 1.77% to 1.31%.
What they said: “While broader market conditions have made new developments challenging, this project stands out as a compelling opportunity and is a strategic step forward after the completion of our business simplification process,” Cromwell chief executive Jonathan Callaghan said.
The source: ASX
