DEMOLITION is now underway at the Canberra site of a new $85 million landmark A-Grade office development, as JLL and Colliers are appointed to the leasing of the building.
Cromwell’s 19 National Circuit in the Barton precinct will comprise 18,000sqm of NLA, with commercial office space spanning six floors and featuring expansive floor plates that will average 3,200sqm.
The floor plates will be designed to surround two internal atriums at the centre of the building, with the aim of enabling inter-floor connectivity, as well as natural light penetration.
“19 National Circuit responds to the ongoing demand for high quality commercial office buildings within the Barton precinct by delivering a market leading building that sets the benchmark in terms of its quality, sustainability credentials and smart building technology inclusions,” said Chris Hansen, group head of development at Cromwell.
Cromwell first acquired the Canberra site back in 2005, receiving development approval for the project including the demolition of the previous site last year.
The development will also offer tenants modern end-of-trip facilities with as many as 136 bike parking spaces, 18 showers and 217 smart-lockers. In addition to a café on the ground floor and 225 basement car park spaces across two levels.
Andrew Balzanelli, managing director and Aaron Green, director of office leasing of JLL ACT, along with Aaron Bruce, director of office leasing and Iain Davidson, national director of strategic leasing from Colliers have been appointed to lease the building.
“The current demand for premium office space is high, which is reflective in the flight to quality we are seeing from occupiers. However, there is little new premium office stock in Canberra for tenants to rent. Occupiers are securing A-grade office space in order to attract staff back to the office via a high-quality working environment,” said Balzanelli.
The project will also be targeting a 6 Star NABERS Energy rating, a 6 Star Green Star Design rating and an As-Built v1.3 rating.
According to JLL Research, Canberra’s prime grade vacancy rate dropped to 3.6% in the third quarter, falling under 4.0% for the first time since 2008, while back in August the nation’s capital also recorded the highest net demand of any commercial leasing sector in the country.
“Canberra is undergoing a transformation driven by a number of commercial developments, to meet the high demand for premium office space. 65% of Canberra’s existing office supply is A Grade stock, and 56% of the supply pipeline is grade A,” added Balzanelli.
Balzanelli also noted other activity in the prestigious Barton precinct, including a 12,000sqm project, as well as three other proposed projects for a combined 28,400sqm.
“Canberra’s office leasing market activity continues to be dominated by the public sector. However, we are seeing increasing enquiry levels from the private sector, particularly from small to medium sized businesses and we’re expecting this activity to continue into 2022,” said Bruce.
19 National Circuit is currently scheduled for for a 2024 completion date.
