Australian case studies - Cromwell Property Group
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Northpoint case study
Property Type Office, retail and hotel
Address 100 Miller Street, North Sydney
City / submarket North Sydney / office
Construction 1977
Rental area 35,162sqm
Purchase price (December 2013) $139.35 million (50% interest)
Sale price (September 2019) $300 million (50% interest)
IRR 15.5%


  • Acquired Northpoint Tower in December 2013 for $279 million (100% interest), leveraging off a competitor failing to complete the purchase
  • Transaction undertaken with an institutional partner, Redefine Properties, having a 50% interest
  • Attractive acquisition metrics of 8.7% passing yield and $7,849 per sqm
  • Opportunity to significantly reposition asset, with last refurbishment in 1997

Key Actions

  • Secured development approval for:
    – A retail, dining and leisure precinct, including a rooftop bar; and
    – An eight story, 187-room hotel in a new attached building
  • Construction managed with tenants in situ and constraints of the site being located between major roads


  • Project commenced early 2016 and reached practical completion in March 2018, on budget ($137.9 million) and on time
  • 4.5-star, Vibe Hotel, with conference facilities and swimming pool opened Easter 2018
  • Rooftop bar sitting atop a new four-story glass structure handed over to operator in August 2018
  • Early Light International acquired Redefine Properties’ 50% interest for $300 million in August 2018
  • Cromwell’s 50% interest sold to Early Light for $300 million in September 2019
  • Cromwell equity IRR: 15.5%







Tuggeranong precinct investment
Property Type Office, seniors’ living
Address Greenway, Tuggeranong
City / submarket Tuggeranong / mixed use
Construction 1991
Site area 8.078 hectares (approx)
IRR 15.5%

The opportunity

  • Built in 1991, Tuggeranong Office Park was a campus-style office complex comprising five freestanding buildings on a substantial eight-hectare parcel of land.
  • The Department of Social Services (DSS) who occupied the campus, wanted improved premises at the end of their lease term in December 2016
  • The property was divided into three separate lots:
    • One was used to build a new state-of-the art building with strong environmental credentials to compete to secure DSS on a pre-commitment.
    • One lot is currently empty land.
    • The remaining lot containing the old campus style Tuggeranong Office Park buildings was re-purposed to become a retirement village.


  • Cromwell successfully tendered to retain DSS on a 15-year lease for a new dedicated building, known as Soward Way, Greenway
    • The new 30,000 sqm building comprised six levels of integrated space, inclusive of a soaring 800 sqm glass atrium providing an abundance of natural light to each floor and was built for $172 million
    • Building achieved top tier environmental metrics: 5.0-Star Green Star as-built rating; 6.0-Star NABERS Energy rating; 5.0-Star NABERS Water rating.
  • Cromwell partnered with retirement living operator, LDK Healthcare, to redevelop the former campus facilities into a world-class seniors’ living village called ‘Greenway Views’, providing over 380 purpose-built apartments
    • The adaptive use of the existing campus buildings resulted in a saving of around 30,740 tonnes of carbon, representing a 20% reduction in upfront embodied carbon.
    • Greenway Views has won multiple awards for sustainability, including being awarded top prize at the 2021 Property Council of Australia / Rider Levett Bucknall – Innovation and Excellence Awards – Best Sustainable Development – Existing Buildings.
  • Cromwell holds Soward Way and sold its interest in LDK in October 2022 for a 67% premium to the book value