Real estate investor and manager Cromwell Property Group (Cromwell) has received approval for its $85 million development application (DA) at 19 National Circuit in Canberra’s prestigious Barton Precinct.
The development will demolish the existing building and construct a new six-storey office building consisting of 18,128 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 new generation 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 car parking spaces across 2 basement levels
The development will also target market leading sustainability and tenant wellness initiatives and ratings as well as design which allows for changes to the office environment through enhanced technology initiatives.
“We have been an active investor in the ACT for more than two decades now,” reiterated Cromwell’s Head of Property, Bobby Binning.
“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 10,000 sqm of additional NLA to our Canberra portfolio.”
“We will begin engaging with a construction partner and look to market the building to potential tenant-customers over the coming months,” Mr Binning concluded.
Initial demolition works are expected to commence in early 2021.