A new $85 million eight-storey building in central Geelong will become the workplace of more than 900 employees, a property group has announced.
“Geelong’s next iconic building” would provide 9000sqm of office space, Quintessential Equity executive chairman Shane Quinn told the Indy.
“Helping reinvigorate central Geelong is a key business decision for us,” he said.
“The lifestyle is very attractive, and the area’s full of opportunity. It’s why Quintessential Equity looks to Geelong in our property acquisition strategy.”
The building’s office areas would accommodate about 900 workers based on a 1:10 ratio of employees to square metres, Mr Quinn said.
“It’s paramount that we deliver an A-grade office space that will help attract and retain the highest-quality staff as well as increase efficiencies and productivity into the future.”
The building will be the new home of local health insurance firm GMHBA after it reached an agreement with Quintessential this week.
As the main tenant of the building, the insurance firm’s offices would take up about 4000sqm, Mr Quinn said.
The new building will replace GMHBA’s existing Moorabool St headquarters, which opened in 1963.
Quintessential Equity was also “in talks with a few large groups” as potential co-tenants, he said.
The building would include a further 1000sqm of retail space on its ground floor and would be worth about $85 million when complete in two years, Mr Quinn said.
The building’s construction would generate about 600 jobs for Geelong and inject about $75 million into the local economy, he said.
The building would feature two roof terraces and aluminum fins to accentuate Geelong’s “evolving skyline“, Mr Quinn said.
“It’s going to be a beautiful building.”
The redevelopment includes the acquisition of an adjoining four-storey building at 78 Moorabool St. Tenants of the building include the Geelong Indy.
Building owner Paul Thomas, also managing director of Indy parent company Star News Group, said he was thrilled to have a role in delivering the project.
“The new building will be a stunning architectural addition to one of Geelong’s landmark corners,” he said.
“The redevelopment is another huge indicator of investor confidence in central Geelong. I look forward to seeing the new building and the additional jobs it brings to the city.
“Obviously, the Geelong Indy will have to find new offices. We’ll announce the site early as possible next year.”
