Castlerock Property has signed contracts to acquire Workzone East, a $79.4 million fully government-leased office asset in Perth’s CBD, for inclusion in the Castlerock Government Property Fund.
Located at 1 Nash Street in Perth’s eastern CBD, the seven-storey property comprises 12,360 sqm of net lettable area and 81 car parking bays. The asset is fully leased to Western Australian Government tenants, including the Department of Primary Industries and Regional Development and the Mental Health Commission WA.
Strengthening the Fund
The proposed acquisition reflects Castlerock’s continued focus on high-quality assets underpinned by long-term government tenancies, secure income profiles and strong tenant covenants.
Upon settlement, the asset will further strengthen the Fund’s national portfolio of government-leased commercial properties across suburban, regional and CBD markets.
The Castlerock Government Property Fund currently has approximately $658 million in funds under management, total occupancy of 99 per cent and a Weighted Average Lease Expiry (WALE) of 5.5 years.
Strong sustainability credentials
Workzone East also aligns with Castlerock’s focus on sustainable, future-focused assets.
The building is certified carbon neutral and holds a 6 Star NABERS Energy rating, reflecting strong environmental performance.
Long-term partnerships
Castlerock Chief Executive Officer Adam Bronts said the transaction aligns with the Fund’s long-term investment strategy of acquiring and developing assets leased to State and Commonwealth Government tenants.
“When we acquire or develop assets leased to Government tenants, we view them as long-term partnerships,” Mr Bronts said.
“We work closely with departments and agencies to understand and support their long-term accommodation requirements, which in turn helps deliver stable long-term outcomes for investors.”
The transaction was negotiated exclusively off-market by Cushman & Wakefield.
For Further Information, speak with our team: info@castlerockproperty.com.au
