Property funds manager Castlerock has completed its office development in Melbourne’s Frankston.
The 7,650sq m building, located at 385 Nepean Highway, is leased to the Victorian government through a long-term agreement signed in 2022 and can accommodate more than 450 workers.
Built on the former Frankston International Motel site, the project was developed within Castlerock’s existing Castlerock Government Property Fund.
Castlerock said the five-storey building achieved a 5.5-star NABERS energy rating. It features end-of-trip facilities, electric vehicle charging stations, and “environmentally responsive design elements.”
Frankston train station is located nearby as well as a bus stop immediately out the front.
“We are proud to announce and celebrate the completion of this landmark project in partnership with the Victorian Government. It embodies our unwavering commitment to sustainability, community collaboration, and delivering lasting value for our investors and the broader community,” Castlerock director, Adam Bronts said.
The office has been incorporated into the Castlerock Government Property Fund (CGPF). The fund currently has a forecast distribution rate of 7.85% and comprises $596 million across 14 buildings, with 96% leased by either state or Commonwealth Governments.
Castlerock has another office in the works up north in Queensland. In November, 158 Walker Street, Townsville began construction and will be incorporated to CGPF upon completion.
