Cromwell Property Group (Cromwell), a real estate investment manager listed on the Australian Securities Exchange, has lodged an $85 million development application (DA) for 19 National Circuit in Canberra’s prestigious Barton Precinct.
Cromwell plans to demolish the existing buildings and construct a new six-storey office building consisting of 18,000 sqm of A-grade net lettable area (NLA), with average floor plates of 3,200 sqm surrounding an internal atrium, designed to promote inter-floor connectivity and natural light.
”Occupants will benefit from a new generation of end-of-trip facilities with up to 136 bike parking spaces, 18 showers and 214 lockers, as well as a ground floor cafe and 225 basement car parking spaces,” said in a statement.
19 National Circuit was acquired in 2005 and comprises a four-level, A-Grade commercial office building located in a prime position close to Canberra’s key parliamentary buildings and embassies. The existing building on the site was constructed in 1993.
Cromwell’s Head of Property, Bobby Binning, noted the 19 National Circuit development application(DA) forms part of Cromwell’s strong portfolio of value-add projects.
“Cromwell’s development pipeline consists of over $1 billion of value-add projects either underway, or likely to commence within the next few years,” he said.
“We have been investing in the ACT for 20 years now and we believe this development is well placed to take advantage of the tight Barton leasing market. Once complete, the new building will add over 10,000 sqm of additional NLA to our Canberra portfolio,” Mr Binning added.
“Situated within close proximity of Parliament House and other key federal government agencies, opposite the National Press Club of Australia, and with hotel accommodation located both adjacent to and across from the site, we are very excited about this opportunity,” he concluded.
The DA is designed to exceed government specifications with regards to tenant services zoning and is targeting a 6-Star NABERS Energy rating, as well as a 6-Star Green Star Design and As-Built v1.3 rating.