It’s been an exciting week for Castlerock with our announcement that we’ve acquired a five-storey building in Wollongong’s CBD tenanted by the ATO - at a record price for the “Gong”. Our team worked diligently to secure the building in a very competitive market, and by successfully doing so, we have diversified the geographical and tenant mix in the Auslink Property Trust No. 2 (APT2).
The building, at 45 Kembla Street, boasts over 6,750 square metres of lettable space of which the ATO has the lion’s share. The other tenants are the ANZ, the Red Cross and a cafe, as well as 93 car parking spaces. The building is the fund’s 10th, it has assets exceeding $300 million and a WALE close to nine years, ensuring strong, reliable returns to investors.
It’s an excellent acquisition for the fund. It confirms our strategy to focus on property investments in Government-tenanted buildings – critical in a COVID-19 environment and the economic challenges it has caused.