In Conversation with Adam Bronts
Adam Bronts, Director of Castlerock
Castlerock is a funds management and full-service property group specialising in developing and managing long-term government-leased assets. Adam Bronts has been with the firm since 2003, playing a pivotal role in a successful growth period for Castlerock.
PFA: What do you see as the next phase of growth for Castlerock?
AB: We’re continuing our growth in the Government leased office accommodation market, focusing on high-quality and sustainable assets throughout Australia. We’ll continue to build on the current asset base through development of new stock along with acquisitions of existing buildings, which we identify as long-term holds. We’re continuing to consider assets which provide similar investment qualities as the Government leased office sector, and have identified a few in regional and suburban markets.
PFA: How is the current inflation/interest rate environment affecting investments/capital raising?
AB: We have been fortunate with our conservative approach towards debt, locking away debt facilities during the lower interest rate environment, and our low LVR has also proven to be beneficial during this period. However, we’re not immune to the increases in rates that we’re all currently experiencing. The last time our fund was open was back in October 2021, which has meant a decent backlog of investors has made capital raising late this year straightforward.
PFA: What are you passionate about in your work?
AB: I love to get my hands dirty in the front end of new development opportunities, finding solutions to get new buildings out of the ground. I really enjoy working closely with the tenants and the design team to ensure our new buildings are fit-for-purpose for our tenants, and that we’re meeting or exceeding their expectations.
PFA: Looking back on your career, is there anything you would do differently today?
AB: I’ve really enjoyed the journey to get to where we are to date – starting off from humble beginnings and learning the ropes over the years has been enjoyable. The only thing I would change is tackling the larger assets and developments at an earlier stage. It takes courage to step out of your comfort zone and release yourself from inhibiting beliefs. But once you step out there, the opportunities are not only fruitful, but the learnings that come from them are priceless.
PFA: How has the PFA membership been of value to you?
AB: Without a doubt, the networking opportunities – meeting others in the same industry.
PFA: What is your favourite pastime outside work?
AB: Any chance I get, I’ll pick up my guitar at home when there’s downtime (a rare thing with two busy children). Two wheels really resonate with me, so any excuse to get on the road bike, mountain bike or dirt bike, I’ll grab it.
PFA: What are you currently reading?
AB: The Art of Deliberate Success by David Keane.
PFA: What is your favourite restaurant?
AB: A toss-up between Phở Xào Phú Mỹ, a tiny little hole-in-the-wall Pho restaurant in Hanoi, with unbelievable northern style Pho, and Nyoman’s Warung, a thatched roof eatery on the beach with the best fish I’ve ever eaten on Nusa Lembongan, a small island just south of Bali.
PFA: What has been your favourite holiday destination?
AB: So far, Northern Vietnam. But I’m always looking for the next adventure outside of Australia.
PFA: What was the best thing to come out of Covid either business or personal?
AB: Coming out the other side!