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Commonwealth Property Office Fund (ASX:CPA) has secured a 30 per cent tenancy pre-commitment for its Martin Place development allowing it to proceed with construction.



Law firm Ashurst has committed to a 10-year lease term, which represents about 44 per cent of the office component of the project.



CPA has forecast the development to be earnings accretive on completion and expects it to increase its weighting in the Sydney office market.



In the 12 months to 30 June, Commonwealth Property Office Fund generated a net profit of $256.4 million.