NEWS

670 Hunter Draws Property Fund Investors

05 December 2007

National developer and investor Austcorp Group Limited today celebrated the launch of the newest A grade commercial building in Newcastle, at 670 Hunter Street, which has become an important investment held within Austcorp’s funds management platform.

Austcorp Executive Chairman Mr Trevor Chappell said, "It is a testament to the business confidence in Newcastle that 670 Hunter is 85% pre-leased and has been supported by institutional investors."

670 Hunter is located within the vibrant Honeysuckle commercial and retail precinct. The 10,500 sqm complex offers convenient location and large floor plate of 2,000 sqm that allows flexibility to suit needs of tenants.

Hunter New England Health, the Department of Ageing, Disability and Home Care and Arvato Services together have committed for 9,000 sqm of the space.

Mr Chappell said Austcorp was attracted to Newcastle by the State government’s push to reinvigorate Newcastle, as well as the business growth potential that was presented as a result of the vibrancy that the Honeysuckle precinct has brought to the foreshore area.

Austcorp successfully applied its urban renewal expertise and 670 Hunter went on to win the Excellence in Building Awards 2007 from The Master Builders Association.

Following completion in May 2007, the development was integrated into Austcorp’s funds management platform.

"For Austcorp, 670 Hunter represents a milestone in the increasing weight of commercial projects in our diverse portfolio, and marks another success in leveraging our development experience to grow our Funds Management business."

Mr Chappell said 670 Hunter is also a prime example of partnership between the developer, fund manager, builder, architects and pre-commitment tenant.

Hunter New England Health wanted to develop the land and lease back a substantial portion of the new building. Austcorp (developer) and Abigroup (builder) teamed up in 2005 to win the project with an outstanding architectural design solution by Suters, who provided Hunter New England Health with a solution that met every detailed requirement and more.