Cromwell Property Group (ASX:CMW) has released additional information regarding its development project in Barton, ACT, following recent market interest and speculation. Cromwell is a real estate investor and manager with $4.5 billion of assets under management in Australia and New Zealand. The update provides further clarity on the anticipated costs and projected yield of the project.
The company has confirmed that the anticipated total cost of the development is $201 million. This figure encompasses land acquisition, construction expenses, fees, finance costs, and a tenant incentive aligned with market standards. The tenant incentive will be provided in instalments during the project’s delivery.
Cromwell Property Group projects a yield on cost exceeding 6.3% for the Barton development. This figure reflects the company’s expectations for the project’s financial performance upon completion. The announcement was authorised for release by Managing Director/Chief Executive Officer Jonathan Callaghan and Company Secretary and Senior Legal Counsel Michael Foster.
