Wednesday 13 May 2026
Corval has sold Workzone East to Castlerock for $79.388 million, with settlement expected in June 2026.
Corval acquired the A-grade office asset in January 2017 and has since undertaken a significant repositioning strategy focused on enhancing tenancy quality, sustainability performance and long-term asset value.
During Corval’s ownership, the building was transitioned from four separate tenants to a long-term lease with the Western Australian Government through to 2031, strengthening the asset’s income profile and covenant quality. At the time of sale, the property was fully leased to WA Government tenants including the Mental Health Commission WA and the Department of Primary Industry and Regional Development, with a weighted average lease expiry (WALE) by income of approximately six years.
Corval also implemented a range of sustainability initiatives throughout its ownership, including increasing the building’s NABERS Base Building Energy rating from 4.5 Stars to 6 Stars and achieving carbon neutral status.
Corval Chief Investment Officer Oliver Picone said the sale reflects the successful execution of Corval’s active asset management strategy.
“Since acquiring Workzone East, our focus has been on improving the quality, resilience and long-term value of the asset,” Mr Picone said. “This included strengthening the tenant profile, extending income security and materially enhancing the building’s sustainability credentials.”
The property was sold exclusively off-market by Cushman & Wakefield on behalf of Corval.
Additional PR:
WA’s first carbon neutral building sells for $79.4 million in one of year’s bigger sales
