Castlerock secures lease agreement with State Government to develop $49m state-of-the-art Frankston building

The property funds manager Castlerock has entered into a long-term lease agreement with the Victorian Government to deliver a state-of-the-art $49 million office building at 383 Nepean Highway, Frankston.

The new building will be developed on the former International Motel site and accommodate more 450 employees from the Victorian Government.

Castlerock Managing Director, Adam Bronts, says: “We are thrilled to have the opportunity to develop another building in concert with the Victorian Government, a building that goes hand in hand with the Frankston Council’s mission to drive growth in the community by generating investment and creating local employment opportunities.

“In aligning with this mission, the building will feature ‘above best practice’ sustainability – the greenest in the Frankston CBD, a responsive gateway design to the city centre and connectivity to the surrounding urban realm that will promote social engagement within the community.

“We look forward to working with the council to help achieve their 2040 vision of being a place on the bay to learn, live, work and play in a vibrant, safe, and culturally inclusive community. Our city is clean, green, and environmentally sustainable.”

As the industry also shifts its mindset to making the office environment more enticing to employees, a core focus of the building incorporates CBD quality end-of-trip facilities, including 50 bicycle spaces, e-scooter parking and charging facilities, locker rooms and showers among more features. A design element that is hugely beneficial to the city of Frankston in encouraging employees to live a healthier lifestyle while also reducing pressure on the busy roads.

A goal that is further supported through the Frankston train station located only a short walking distance from the development along with a bus stop immediately out the front.

The community of Frankston is at the heart of this project, and the Castlerock team are committed to recognising the spirit of the city, through the design conceptualisation based on the locally known and loved Eastern Great Egret bird. With large wing spans, the building offers two distinctive spaces that spread out from the main entry and the ‘heart’ of a two-storey atrium.

Bronts added, “in aligning the development with Castlerock’s values of collaborating with the traditional owners, we are excited to have the opportunity to work and learn alongside the Bunurong Land Council in finding initiatives and representing the people of the South-Eastern Kulin Nation. Through working closely together, we aim to aid in the preservation and protection of the scared lands, culture and ancestors.”

Construction of the building is proposed to begin at the end of the first Quarter 2023, with a scheduled completion in mid-2024. The property will developed within Castlerock’s existing fund Auslink Property Trust No.2 (APT2) which holds approximately $525 million worth of assets leased to Governments throughout Australia, including the recently purchased Icon building in Ipswich and the award winning Latrobe Valley GovHub development completed in 2020.