CROMWELL Property Group has been granted approval for $85 million development in Canberra’s Barton Precinct.
The development at 19 National Circuit, which Cromwell acquired in 2005, will consist of a six-storey office building across 18.128sqm of A-grade net lettable area, with floor plates coming in at 3,200sqm surrounding an internal atrium.
Amenities will include up to 136 bike parking spaces, 18 showers, 214 lockers, a ground floor cafe and 225 car parking spaces over two basement levels. As well as placing an emphasis on sustainability and wellness and technology initiatives.
“We have been an active investor in the ACT for more than decades now,” said Bobby Binning, head of property at Cromwell.
“We originally acquired 19 National Circuit in 2005 and look forward to investing further in what is a landmark location. Once complete, the new building will incrementally add over 10,000sqm of additional net lettable area to out Canberra portfolio.”
We will begin engaging with a construction partner and look to market the building to potential tenant-customers over the coming months,” said Binning.
Construction will include the demolition of the current structure on the site, which is scheduled to begin in early 2021.