Growthpoint Properties starts new Melbourne office development

Company News

by Rachael Jones

Growthpoint Properties (ASX:GOZ) has started work on a new office development at the Botanicca Corporate Park in Richmond in Victoria.

The new development will comprise over 19,000 square metres (sqm) of office accommodation across two towers in Melbourne’s CBD-fringe office market.

The Botanicca 3 construction tender was a highly competitive process with Growthpoint subsequently appointing Hacer Group commercial builder under a design and construct contract.

The development is expected to be completed in the second half of 2020.

Growthpoint expects the new development to deliver a fully let yield on development cost of between 7.5 per cent and 8.5 per cent, together with the opportunity for capital gain above development cost.

Shares in Growthpoint Properties (ASX:GOZ) last traded 0.83 per cent lower at $3.60 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.