12 July 2013

Construction on the landmark Ipswich City Heart building has gone up another notch with the project rapidly approaching practical completion and starting to draw plenty of attention.

The $93 million building1, which is owned by the Cromwell Ipswich City Heart Trust, is being developed by Leighton Properties and constructed by Hutchinson Builders. It is the first building in the ICON Ipswich masterplan aimed at revitalising the Ipswich CBD.

There was also the recent announcement that IPN Medical Centre has committed to a five-year lease in the building. The tenancy will comprise consulting rooms for seven doctors and facilities for nurses including a state-of-the-art treatment room, procedure room and emergency bay, as well as space for a pharmacy and pathology service.

Leighton Properties Queensland General Manager Brian McGuckin said the site had been transformed into the centrepiece of the CBD.

“From where we were probably a year and a half ago it’s completely transformed the site,” Mr McGuckin said. “Hopefully it will be the catalyst for more high-quality development in the CBD. It makes it real when you see some of the furniture going into some of the lower floors.”

The building is expected to be completed in late August and is 91% leased to the Queensland Government’s Department of Public Works until 2028².

1. Based on “as if complete” valuation by m3property (Qld) Pty Ltd dated  27 October 2011.

2. Based on signed agreement for lease. Lease will commence on practical completion of the building.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (the “Trust”).  The Trust is no longer open to new investment.  Before making any decision to acquire or hold units in the Trust, it is important that you read the product disclosure statement dated 16th December 2011 (“PDS”) and other updates which are issued by CFM and available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693.  This update has been prepared without taking into account your objectives, financial situation or needs.  Therefore, you should assess, with or without your financial adviser, whether the Trust fits your objectives, financial situation or needs. Please note: any investment is subject to risk, including an investment in this Trust. Capital growth, distributions and tax consequences cannot be guaranteed. An investment in the Trust is subject to risk and if a risk eventuates it may result in reduced distributions and/or a loss of some or all of the capital value of your investment.