Castlerock has acquired the redeveloped C. H. Smith building in Launceston, Tasmania, adding to a growing portfolio of secure, long-term government-tenanted properties around the country.
A former woolstore first built in the 1830s, the thoughtfully-redeveloped heritage building is located at 18 Charles Street in close proximity to the Launceston CBD.
The C. H. Smith building was purchased within the Auslink Property Trust No 2, which now comprises eight properties in total, valued at $150 million.
The 5,800-square-metre building is fully tenanted, with the Tasmanian Government occupying more than 80% of the property on a 15-year lease, alongside a café and real estate agency.
The lease to the Tasmanian Government follows a strategic consolidation of state government departments and office space in and around Launceston.
Castlerock Founder and Managing Director Hank Bronts said: “This property aligns with our investment strategy to purchase modern, sustainable, government-leased assets that provide our investors steady returns from stable assets.”
The redevelopment was designed by local architects ARTAS and is targeting a 5 Star NABERS energy rating and 5 Star Greenstar accreditation.
More information about the original vision for the C. H. Smith revitalisation project can be found on the ARTAS website. Recent media coverage of Castlerock’s purchase of the building can be found at The Examiner online.