Castlerock Government Property Fund

year established
total asset value
99% occupancy
$50,000 minimum investment

Fund summary

The Castlerock Government Property Fund was launched in 2014 with the objective of building a portfolio of Commonwealth and State Government leased assets located throughout Australia to provide investors with a stable and growing income stream, and long term capital growth.

Key Features
  • Attractive distribution yield with tax advantages
  • Rental income underpinned by the Commonwealth and State Government
  • Quality, highly specified, environmentally sustainable assets
  • Property Location diversification throughout Australia

Fund Overview

Fund Type
Open ended unlisted Unit Trust
Commonwealth & State Government leased assets
Debt Strategy
LVR less than 50%
Wholesale & Retail
Minimum investment
Distribution Frequency
Current Distribution Rate
9.8 cents per unit
Current Unit Price
How to apply

Contact us to register interest. 

Investment Overview

Total Asset Value
$526 million
No. of Assets
Total Net Lettable Area
Tenant Profile
Commonwealth & State Government
Property Locations

Existing Investors

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  • Quarterly Updates
  • Distribution Statements
  • Tax Statements
  • Financial Reports

Prospective Investors


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Board of Directors

  • Carl Colour

    Carl Rooke

    Independent Chairman

    Carl is a former National Chairman of Horwath Australia and currently acts as a consultant to BDO Chartered Accountants. Carl commenced his career in Chartered Accounting in 1970 and established his own firm in 1974. Carl is a Director on a number of large private company boards and is a Fellow of the Institute of Chartered Accountants and the Institute of Company Directors. Carl has a history of successful business practice with over 30 years' experience in management, accounting and finance.

  • Peter Colour

    Peter Ryan

    Non-Executive Director

    Peter was a long-serving Member for Gippsland South, representing the electorate for 22 years. During this time Peter served as Leader of the Victorian Nationals for 15 years, and from 2010 to 2014 was the Deputy Premier of Victoria. Peter has a deep knowledge of corporate and political governance based on 20 years in legal practice prior to a career in politics and is a highly skilled negotiator and trained and qualified mediator.

  • Hank Colour

    Hank Bronts

    Executive Director

    Hank has been successfully providing property development and asset management services in the government sector space since 1990. During his career, Hank has delivered and managed more than 30 buildings, advising on equity and debt finance, project feasibility, site selection, planning, design, construction and asset management.

  • Peter Colour

    Pearse Morgan

    Non-Exective Director

    Pearse has gained extensive experience in funds management, property development and investment, having been involved in raising funds for commercial office developments and investments, and ongoing finance and accounting roles since 1990. Pearse is a Fellow of the Institute of Chartered Accountants, and a member of the Institute of Company Directors.

  • Jason Colour

    Jason Bronts

    Executive Director

    Jason brings experience in funds management, property development and property finance, having worked for Macquarie Bank in Sydney, KordaMentha in Melbourne, Legal & General Investment Management in London and more recently with Castlerock. Jason holds bachelor’s degrees in Commerce and Engineering.

  • Vince colour

    Vince Peluso

    Non-Executive Director

    Vince has 46 years’ experience in the financial services sector and is a retired director of RGM Financial Group where he specialised in financial planning and compliance since 2001. Prior to RGM Vince was employed by Westpac for 28 years in management positions within corporate and commercial finance.

  • Carl BW
  • Peter BW
  • Hank BW
  • Peter BW
  • Jason BW
  • Vicne BW


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Butler, WA

Castlerock is thrilled to further cement our relationship with the Western Australian Government with the development of an $8 million bespoke office building in the northern Perth suburb of Butler.

This 1,133sqm building was completed in December 2022, and is located at 225 Butler Boulevard, Butler with a 15-year Lease to the WA State Government.

The purpose built and designed property features a number of Castlerock’s staple inclusions of a 40 kW solar array to reach a 5-star NABERS rating, and a commitment to employing minimum 75 per cent local labour throughout the development.

Reducing the reliance on car parking is also a priority with the building including End-of-trip (EOT) facilities, such as change rooms, bicycle parking and showers, a strategy that has the support of the State Government for smaller buildings.

  • Property address
    225 Butler Boulevard, Butler
  • Site area
  • Tenants
    WA State Government
Frankston - Render 1
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Frankston - Render 3

Frankston, VIC

Castlerock are extremely proud to announce that we have entered into a long-term lease agreement with the Victorian Government to develop new offices spanning 7,650m2 in Frankston, Victoria.

The state-of-the-art building will be located on the former International Motel site at 383 Nepean Road, in the Frankston CBD and will focus on delivering essential government services to Frankston and its neighbouring communities.

The vision for the building is to provide a sustainable, vibrant, inviting, and inclusive workplace which makes the most of its coastal environment and the views across Port Phillip Bay. In addition to the building being designed to achieve a 5.5-star NABERS rating, the building will provide CBD quality end-of-trip facilities, electric car and e-scooter charging facilities.

Being a driver for growth in the region, the offices will pave the way in providing a place to serve the community, creating additional jobs from construction to the ongoing operation which further generates investment opportunities for the local community.

Castlerock are working closely with the Bunurong Land Council on initiatives that will use conceptualised visual installations that recognise and educate on the traditional stories and history of the area. 

The concept for the design was inspired by the Eastern Great Egret, an elegant bird native to the Mornington Peninsula, paying further tribute to the natural surrounds of the area.

The property will be added to the extensive portfolio of Government leased assets within the Castlerock Government Property Fund, further providing investors with a stable growing income stream, and long-term capital growth. Construction is due to be completed by mid-2024 with the Government occupying shortly thereafter.

  • Property address
    383 Nepean Highway, Frankston, VIC
  • Site area
  • Tenants
    Vic State Government
    Vacant 25%
117 Brisbane Street, Ipswich
117 Brisbane Street

Ipswich, QLD

The Icon building in Ipswich’s CBD located at 117 Brisbane Street is a nine-storey 17,866 square metre building. The Queensland State Government is the major tenant on the 15-year lease expiring in September 2028, and accounts for more than 90% of the net lettable area.

The A-grade building was developed in 2013, boasting 206 basement level car parks, 120 bicycle parking stations, high quality internal space with high level of natural light and winter gardens on office levels. The Icon building is the first 5-star Green Star and 5.5-Star NABERS rating in Ipswich.

Castlerock acquired the building in July 2021.

  • Property address
    117 Brisbane Street, Ipswich QLD
  • NABERS rating
  • Site area
  • Tenants
    Queensland State Government
    INP Medical Centre

Kangaroo Flat

Castlerock successfully developed a new control centre to CFA in Kangaroo Flat, which will be used to manage larger bushfires across District 2 and the North West Region.

The new District and Regional Control Centre provides a state-of-the-art base from which CFA will operate from in times of emergency, replacing an older centre in Bendigo and catering for staff from several other locations.  

  • Property address
    29 Lockwood Road, Kangaroo Flat, Vic 3555
  • NABERS rating
  • Site area
  • Tenants
    Country Fire Authority

Launceston, TAS

The CH Smith building is a three-storey A-grade office building located at 16-24 Charles Street in close proximity to Launceston CBD. Completed in 2019, the development restored the heritage listed buildings and revitalised the historic site. 

The major tenant is the Tasmanian State Government with a 15-year lease expiring in May 2034, and accounts for more than 97% of the net lettable area. The asset provides 126 secure at grade car parks alongside high quality end of trip facilities and amenities. The building achieves a 5-star NABERS energy rating.

Castlerock acquired the building in September 2019.

  • Property address
    16-24 Charles Street, Launceston, Tasmania, 7250
  • NABERS rating
  • Site area
  • Tenants
    Tasmanian State Government

Mackay, QLD

Completed in 2013, 44 Nelson Street, Mackay was purpose built for the Queensland State Government. The building comprises of 7,056sqm of A-grade quality accommodation over 6 levels, with a 3-level podium car parking accommodating 166 car park spaces.

With a 5-star Green Star Rating, 5.5-star NABERS rating and 5.5-star Indoor Environment Air Quality rating, the building brings together Department of Communities, Child Safety and Disability Services, Department of Justice and Attorney General and Department of Transport and Main Roads.

  • Property address
    44 Nelson Street, Mackay
  • NABERS rating
    5.5 Star
  • Site area
  • Tenants
    Queensland State Government
    Cafe (Vacant)

Melton, VIC

Castlerock successfully completed the development of the new Department of Justice, Regulation and Community Safety building in Melton, for the Victorian State Government in 2018 on a 10-year lease.

As part of the project, Castlerock completed a fully integrated fit-out for the Department saving both time and money.

  • Property address
    2a Barries Road, Melton
  • NABERS rating
    4.5 Star
  • Site area
  • Tenants
    Department of Justice, Regulation and Community Safety
Mirabooka 4
Mirabooka 5
Mirabooka 3
Mirabooka 2
Mirabooka 1
Mirabooka 6

Mirrabooka, WA

Completed in 2017, 5 Milldale Way, Mirrabooka is a 6,514m2 office facility which was purpose built for the Western Australian Government. The building provides a vital customer facing facility for the Department of Housing, Department of Communities and Department of Justice.

Along with a secure basement for 95 car bays, the facility also provides modern end-of-trip facilities including 57 secure bicycle racks, showers and lockers and at-grade parking for customers. An on-site cafe provides amenity to both the staff and surrounding areas.


  • Property address
    5 Milldale Way, Mirrabooka, Western Australia
  • NABERS rating
    5.5 Star
  • Site area
  • Tenants
    Western Australian Government
GovHub 1
GovHub 2
GovHub 3

Morwell, VIC

Completed in 2021, the Latrobe Valley GovHub located at 65 Church Street Morwell, is a purpose-built facility that houses up to 300 Government employees, including Earth Resources Regulation, Parks Victoria, and Solar Victoria.

The award-winning development includes extensive CBD quality end-of-trip facilities, and a 99kW solar array on the roof achieving a NABERS 6-star rating.

Additional features include EV charging stations and zoned music throughout the entire building, with the purpose of increasing staff engagement.

Located on the bottom floor of the building, Castlerock has acquired an operator to run an on-site café who understands the vision of the Morwell community.

Castlerock developed the Morwell Latrobe Valley GovHub after the existing site was demolished in March 2019, with Castlerock’s construction beginning in July 2019.

  • Property address
    65 Church Street, Morwell
  • NABERS rating
    6 Star
  • Site area
  • Tenants
    Victorian Government

South Hedland, WA

Castlerock completed the development of a new customer facing facility for the Department of Communities in South Hedland WA in 2016 and has a 15-year lease with the WA State Government.

  • Property address
    22 Hamilton Road, South Hedland
  • NABERS rating
    5 Star
  • Site area
  • Tenants
    Western Australian Government

Townsville, QLD

Completed in 2013 this landmark building at 445 Flinders Street in Townsville was purpose built for the Queensland State Government. 

It is one of the region’s most strategically important buildings, home to the Queensland Government’s North Queensland Recovery Centre, which because of its critical nature, was uniquely designed and built to Importance Level 4 and is able to operate without power or water for up to five days.

With a 5-star Green Star Rating, 6-star NABERS rating and Australia’s first 5.5-star Indoor Air Quality rating, the building brings together the Department of Transport and Main Roads, the Department of Natural Resources and Mines and the Department of Health and Education.

  • Property address
    445 Flinders Street, Townsville QLD
  • NABERS rating
    6 Stars
  • Site area
  • Tenants
    Queensland State Government
    Cafe (Vacant)

Warragul, VIC

Castlerock successfully completed the development of the new Justice Service Centre for the Department of Justice, Regulation and Community Safety building in Warragul in 2018 and has a 10-year lease with the Victorian State Government.

As part of the project, Castlerock completed a full integrated fit-out for the Department saving both time and money.

  • Property address
    12 Queen Street, Warragul
  • NABERS rating
  • Site area
  • Tenants
    Department of Justice

Wollongong, NSW

45 Kembla Street, Wollongong is a five level premium A-grade commercial building and is considered the preeminent office space in the Wollongong CBD. Purpose built for the ATO and completed in 2013 with 93 car spaces over two basement levels, the building is also home to ANZ Business Bank and The Australian Red Cross Blood Service.

  • Property address
    45 Kembla Street, Wollongong
  • NABERS rating
    5.5 Stars
  • Site area
  • Tenants
    Australian Red Cross
    ANZ Business Bank
    Cafe (Vacant)


This information has been prepared by Castlerock Investment Management Limited ACN 125 737 091 AFSL 318368 (CFM) for information purposes only and does not take into account your individual objectives, financial situation or needs. This website is not an offer to sell or a recommendation to purchase units in the Trust. Before investing you should read the Information Memorandum in full and consider you own objectives, financial situation and needs including obtaining independent financial, taxation and legal advice before making any decision about whether to acquire units in the Trust.