Cromwell raises $66 million to build ATO building in Box Hill

Cromwell Property Group has raised $66.5 million from investors for its unlisted Cromwell Box Hill Trust.

The single asset unlisted property trust managed by Cromwell Funds Management Limited was launched in December 2012 to help fund construction of an eco-friendly, 20-storey office building in Box Hill in Melbourne.

The building is 97% leased to the federal government for 15 years from completion and will house the Australian Taxation Office.

The building is currently under construction and due for completion in March 2015.

The building is expected to be valued at $116.8 million on completion.

Cromwell CEO Paul Weightman said the fund raising was strongly supported by a range of investors and financial advisers, including many retail investors and financial advisers investing in Cromwell for the first time.

“We continue to see strong demand for high-yielding investments that are underpinned by quality assets,” he says.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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