PERE: Driving value in European property
Insight | 6 minute read
Cromwell has developed exceptional in-house property development, project management and technical capabilities that allow it to identify and deliver value for investors and capital partners through innovative development and construction projects, whole-of-building refurbishments and adaptive re-use and asset transformations, all of which incorporate market leading sustainability initiatives.
The key to Cromwell’s ongoing development and property project success is the experience and capabilities of its different development, project, technical and sustainability team members. The ability to draw upon their collective expertise, wherever they may be, facilitates an agile and holistic approach to developments with the ability to flexibly allocate resources and expertise dependent on the nature, type or stage of a project.
In January, Cromwell announced it had promoted Chris Hansen to oversee its development and project management initiatives in both Australia and Europe. Cromwell currently has a forecast development book in Australia estimated at A$1.0 billion (based on final completion value), as well as a number of projects underway in Europe for capital partners.
Chris will be tasked with ensuring Cromwell selects and successfully progresses the right projects, managing risk and delivering the outcomes that securityholders, investors and capital partners expect. He joined Cromwell in 2013 and has experience in both development and project management, having worked on the A$131 million refurbishment of the Qantas Global HQ and led the successful A$130 million redevelopment of Northpoint Tower.
Under his remit, Cromwell has recently received development approvals for 19 National Circuit in Canberra, 475 Victoria Avenue in Chatswood, North Sydney and 700 Collins Street in Melbourne.
Originally built in 1991, Tuggeranong Office Park was a campus-style office complex comprising five freestanding office buildings on a substantial eight-hectare parcel of land.
The site is located on the western side of the Town Centre in Tuggeranong, about 25 kilometres south of the Canberra city centre. The area features the Tuggeranong Hyperdome, the main shopping centre in the district. It is well serviced by a bus interchange, financial services, major office tenancies, hotel accommodation, licensed clubs, a recreation centre, childcare facilities, government services, indoor swimming centre and various other amenities.
Cromwell divided the land into three separate lots. One was used to build a new office building at Soward Way for the headquarters of the Department of Social Services (DSS). One lot is currently empty land and the remaining lot contained the five old, campus-style Tuggeranong Office Park buildings.
Cromwell and its joint venture partner, LDK Healthcare, are currently redeveloping the five campus-style office buildings into a world-class seniors’ living village called ‘Greenway Views’ which will contain over 380 studio, one and two bed purpose built apartments.
The village offers seniors an independent lifestyle for life with state-of-the-art amenities and services including restaurant dining, pristine gardens, a bar with piano and snooker table, café, theatre and more.
In an industry first, the Clean Energy Finance Corporation (CEFC) provided finance for this development, their first investment in a seniors’ living project. They provided A$60 million to improve the sustainability outcomes at the village including:
The emissions savings for Greenway Views is expected to reach almost 30,000 tonnes of carbon over the lifecycle of the development. Recycling existing buildings avoids the carbon and financial cost of demolition and new construction, and is becoming increasingly attractive to investors, owners and developers who are interested in pursuing a net zero carbon-built environment.
Cromwell’s full Development Capabilities Statement can be found here.