This article is from the Australian Property Journal archive
CROMWELL has entered into an agreement with Brisbane development group Citimark to acquire a commercial development site at Brisbane's inner-city Kelvin Grove Urban Village.
The land which has been acquired by the Cromwell Diversified Property Trust, has been earmarked for A-Grade Synergy Building.
Synergy will have a minimum net lettable area of 11,388 sqm, however a development application has been submitted to increase the building’s NLA. Synergy will target a minimum 4-star Green Star Building Rating and a minimum 4.5-star Australian Building Greenhouse Rating energy standard.
The building spans six floors including ground floor retail tenancies and will have the largest floor plates of any Brisbane office building at 2,202 sqm.
The property is located within the Kelvin Group Urban Village, neighbouring the Queensland University of Technology Kelvin Grove Campus.
Under a development agreement, Citimark will manage the development and leasing of the Synergy asset, and earn a development fee calculated by reference to a 6.75% yield on the net income of the completed building.
Synergy is expected to be ready for first tenants in late 2008 and is protected by an 18 month rental guarantee from the developer, commencing on practical completion.
Australian Property Journal
