This article is from the Australian Property Journal archive
ASPEN Group has made a major coup in Adelaide by signing the Australian Taxation Office to a new $200 million office building.
The Aspen Development Fund No. 1 has secured the ATO to a new office tower (Tower 8) within the Adelaide City Central precinct in the Adelaide CBD.
The ATO has precommitted to 30,000 sqm of office space of a total of 36,215 sqm, representing 83%, for an initial 15 year term.
The latest deal means the 17-level building has secured total pre-commitment of 98%.
The tower, which will be the largest office development in Adelaide, has been designed to achieve a 5 star Green Star and NABERS ratings.
Aspen Group managing director Angelo Del Borrello said the deal was a significant achievement for both ADF1 and Aspen’s property development team.
The development is the third large scale office tower to be developed by the ADF1 team within the Adelaide City Central precinct. It follows development of the award winning 30,424 sqm office tower at 29 Waymouth St, completed in 2007 and the 12,645 sqm office tower at 121 King William St completed in 2008.
Aspen Group is a cornerstone shareholder and fund manager for ADF1, a closed end development fund comprising 16 projects across the health, retirement, residential and commercial sectors.
Aspen Group will project manage the development, which is expected to commence in September of this year with a forecast completion date of October 2012.
Australian Property Journal
