Castlerock secures another regional government office pre-commitment
Castlerock Property will develop a $14 million customer service centre in New South Wales’ Riverina after securing another government pre-commitment.
The Commonwealth has agreed to lease the 1300 square metre office at 22 Bonegilla Road (artist’s impression, top) for an initial seven years.
Construction is expected to start mid-next year and conclude in 2028; records show the 3820 sqm tract, at a bend where the road becomes Twigg Street, is presently co-owned by Griffith Building Supplies, which paid $220,000 in mid-2001.
The deal comes nearly three months since realestatesource.com.au reported Castlerock broke ground on an Aitkenvale, Townsville, service centre, after securing a federal government pre-commitment.
In May the group paid Corval $79.4m for a seven-level Perth office leased to the state government.
Those assets are held by the Castlerock Government Property Fund, which is expected to also hold 22 Bonegilla Rd once completed.
Castlerock Government Property Fund
CGPW buys and develops government-backed assets in all cities and regions (contines below).
Including the completed Griffith development, assets under management are valued at over $700m, a Castlerock spokesperson said.
Early last year its portfolio grew with the completion of a Frankston, Melbourne, office, leased to the state government’s Department of Justice and Community Safety and Department of Families, Fairness and Housing,
The five-level building. 383-389 Nepean Highway, opposite Frankston Police Station and Frankston Magistrates Court, accommodates 450 staff, with end-of-trip facilities and electric vehicle charging stations.
In 2020, for the trust, Castlerock acquired Townsville’s Verde Tower for $92.9m.
Griffith is about 550 kilometres west of Sydney’s CBD.
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