17/03/2010 - 08:58

ATO signs up to Aspen's $200m tower

17/03/2010 - 08:58

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Aspen Group says the Australian Taxation Office has signed up for an initial 15-year lease at its planned $200 million office tower in the Adelaide CBD area.

ATO signs up to Aspen's $200m tower

Aspen Group says the Australian Taxation Office has signed up for an initial 15-year lease at its planned $200 million office tower in the Adelaide CBD area.

The property developer's Aspen Development Fund No1 entered into an agreement to lease with the ATO for 30,000 square metres of office space at the tower, taking the total pre-commitment to 98 per cent of the building.

The office development is the third large scale office tower to be developed by the ADF1 team within the Adelaide City Central precinct.

It follows development of the award winning 30,424 sqm office tower at 29 Waymouth Street, completed in 2007 and the 12,645 sqm office tower at 121 King William Street completed in 2008.

Aspen Group is a cornerstone shareholder and fund manager for ADF1, a closed end development fund comprising 16 projects across the health, retirement, residential and commercial sectors.

Aspen Group managing director, Angelo Del Borrello, said the agreement with the ATO and imminent commencement of the Tower 8 project was a significant achievement for both ADF1 and Aspen's property development team.

"Securing the ATO as the principal tenant for Tower 8 enables the progression of this building while unlocking further development potential for the remaining sites within this valuable precinct."

As outlined in the Group's recent half year results announcement, Aspen has positioned both its balance sheet and funds management vehicles to progress their respective development pipelines, as market conditions normalise.

"The commencement of Tower 8 is testament to Aspen's ability to drive earnings growth through progressing key projects," Mr Del Borrello added.

Tower 8 forms the next stage of ADF1's Adelaide City Central precinct, an impressive city block project. Situated on Franklin Street, the tower will comprise 36,215 sqm of office space over 17 levels, as well as 3 levels of secure car parking. The tower, which will be the largest office development in Adelaide, has been designed to achieve a 5 star Green Star and NABERS ratings.

Aspen Group will project manage the development, which is expected to commence in September of this year with a forecast completion date of October 2012.

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