RF Corval have taken a fund through and take out position in a Collingwood office development at 71 Gipps Street for $75.5 million.
The project, originally approved by VCAT in 2016 comprises an 11 storey commercial office space with a ground floor cafe with 8,873sqm of NLA. Designed to PCA A Grade office standards, the building is targeting a 4.5 NABERS environmental performance rating.
The building is being developed by Alpha14 and Aus Finance Group who secured the site in 2017 for $11.9M. In 2019, the group then secured co-working operator Spaces, to lease approx 3,400sqm, enabling the project to commence.
RF Corval will acquire the site and fund through the development of the project and take over the leasing and ongoing management of the completed development with Aus Finance Group and Alpha continuing to oversee delivery which is expected to be completed in the second quarter of 2021.
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