Castlerock Celebrates a Monumental Milestone in Frankston

28 November 2023

In the dynamic world of property, milestones mark significant progress and achievement. For Castlerock, a leading property fund manager, the erection of a tower crane on the development site in Frankston represents a landmark event in its 21-year history. This development, a five-level office building with two levels of basement, is not just a physical structure rising in the heart of Frankston; it symbolises Castlerock's commitment to growth, innovation, and excellence.

Valued at approximately $60 million upon completion, this project is a testament to Castlerock's capability to handle large-scale, complex developments. The building, destined to be leased by the Victorian State Government, is a significant addition to the company's portfolio and is scheduled for completion in the first quarter of 2025. The project is being developed in the Castlerock Government Property Fund, reflecting Castlerock's strategic approach to property investment and asset management.

Aaron Ballenger, the Director of Projects at Castlerock, who has been a key figure in the company for 14 years, expressed his enthusiasm for this project. "Seeing the tower crane in action at our Frankston site is not just about witnessing a structure being built; it's about realising a vision that has been in the making for years. This building is not just a workplace; it's a future hub for Government operations, a focal point in Frankston, and a significant asset in ourCastlerock Government Property Fund portfolio. It's a proud moment for all of us at Castlerock," said Ballenger.

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The Frankston development reflects Castlerock's expertise in not just constructing buildings, but in creating spaces that serve the community and meet the evolving needs of the Government sector. The company's approach, which involves developing and building its own buildings and leasing them to the Government, demonstrates a deep understanding of the property market and the specific requirements of government tenants.

As we look forward to the completion of this development, it's clear that this is more than just a construction milestone for Castlerock. It's a symbol of the company's enduring vision, its commitment to excellence, and its ability to transform landscapes and communities through strategic property development. With the Frankston office building, Castlerock once again sets a high standard in property development, showcasing its ability to deliver projects that are not only aesthetically pleasing but are also functional, sustainable, and valuable long-term assets.

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