Quintessential Equity tops out $100 million building in Geelong
Media Release | March 2021
The new headquarters for health insurer GMHBA has reached its highest point, as developer and property private equity company Quintessential Equity tops out construction of its $100 million development.
Located at a prime site within Geelong’s CBD, 60 Moorabool Street is a nine-level A-grade office building which will provide world-class workplace facilities in one of Australia’s fastest growing regional hubs. Set for completion by mid-2021, the development will cater for the growing talent and businesses relocating to Geelong.
Featuring over 11,000 square metres of net lettable area, the building is 75 per cent pre-leased, with its anchor tenant and project development partner GMHBA signing on prior to construction commencing. Other tenants include Victory Corporate Serviced Offices and Morris Finance.
Overlooking Corio Bay, the topping out of the building’s ninth floor was marked with a ceremonial tree planting attended by local MP Christine Couzens, Deputy Lord Mayor of Geelong Trent Sullivan, and project partners Kane Construction and GMHBA.
Executive chairman at Quintessential Equity, Shane Quinn, said the construction milestone is a significant achievement given the challenges faced over the past 12 months.
“We are so proud to be celebrating this major milestone, which underscores our continued commitment to the growing business community in Geelong. The team has worked tirelessly to get to this point and we’re on track to provide our tenants the opportunity to work within this dynamic and sustainable office space within months,” says Quinn.
“Located in a premium location with great access to transport and the foreshore, 60 Moorabool Street provides a canvas for businesses to design the workspace they want with 360-degree views of Corio Bay.”
Over half of the jobs created to deliver this project have come from within Geelong. Through the lifetime of construction it is anticipated to inject more than $50 million into the local economy.
“From the outset, we were committed to ensuring this project maximised social and economic outcomes for the region. We are well on track to exceed our local job creation target and deliver on our promise to support Geelong’s economy,” adds Quinn.
Kane Constructions is the project’s construction partner. Project director, Sam Birdseye, has led and managed the build from the outset.
“It has been an absolute pleasure working alongside Quintessential Equity and GMHBA who share our passion and commitment to Geelong. We are proud that we can play our part in helping the revitalisation of central Geelong, and providing major economic and social benefits to the region,” says Birdseye.
Claire Higgins, chair of GMHBA, says the leading health insurer is looking forward to having all staff under the one roof in the company’s home town.
“GMHBA is thrilled with the way the building is progressing. It’s a really important investment for us to make in our home town particularly in light of the COVID pandemic that significantly reduced the number of office workers and foot traffic around the city. There’s no doubt that this building will bring some much needed vibrancy and positivity back to Geelong and the city centre,” Higgins says.
State Member for Geelong, Christine Couzens MP, who spoke at the topping out ceremony, says the new building adds to the redevelopment of central Geelong as an exciting destination to live and work.
“This project will create more jobs for Geelong workers, and strengthen our local economy,” says Couzens.
Including retail and commercial space, the mixed-use building will accommodate over 900 employees and offer an underground car park with vast end-of-trip facilities.
Quintessential Equity is currently developing the new $220 million Civic Precinct in partnership with the City of Greater Geelong. Recently, its WorkSafe Victoria headquarters on Geelong’s Malop Street was recognised as the region’s healthiest building.
For media enquiries please contact Jasmine Burford at Communications Collective on (03) 9988 2300 or email@example.com
About Quintessential Equity
Quintessential Equity is a property private equity business specialising in the regeneration and development of commercial property. Dynamic and capable, Quintessential Equity delivers risk mitigated returns and exceptional outcomes for investors, tenants and Ecosystem partners.
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