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“No reason we can’t attract businesses from Melbourne to Geelong”

Media  Release                                                                                              8 October

 

“No reason we can’t attract businesses from Melbourne to Geelong”

Quintessential Equity set to deliver Geelong’s next exemplary standard office building

Having developed WorkSafe’s new world-class headquarters at 1 Malop Street last year, Quintessential Equity is set to deliver Geelong’s next exemplary standard for future office buildings at 60 Moorabool Street.

With 360-degree expansive views, creating a natural light -filled workplace with the highest standard of sustainable design, it will be a space to attract and retain the best talent.

The Melbourne-based diversified commercial property group has already secured two major tenants for building, with GMHBA making it their headquarters from 2021 on a 15-year lease term, alongside Victory Corporate Serviced Offices.

To showcase the property, Geelong native and renowned TV presenter Rebecca Maddern will host proceedings at an exclusive event on Wednesday night, where leading architectural firm Cox Architecture is set to share insight into the building’s unique design.

Construction on the $85 million asset has commenced with the PCA A Grade building, targeting 5-Star Green Star and 5-Star NABERS Base Building Energy Rating. The building will accommodate 900 employees, in a natural light filled office space with approximately 11,050sqm of net lettable area, which includes a state-of-art end-of-trip facility.

It is estimated the construction of 60 Moorabool Street will generate around 600 jobs in the city, injecting close to $75 million into the local economy.

Quintessential Equity’s Executive Chairman Shane Quinn says the commitment to helping Geelong continue to transform its business landscape, providing a real alternative to Melbourne’s CBD is a strategic business goal.

“The new WorkSafe building has put the region on the global stage and we expect GMHBA’s new headquarters to do the same,” said Mr Quinn.

“When you look at a building like this, so well located and connected to transport and road infrastructure, there’s no reason why we can’t attract businesses down to Geelong.

“It offers a unique blend of lifestyle with Corio Bay, foreshore and parklands and all the amenities you expect in a big city with easy access to restaurants, cafes and retail. It’s really coming alive at the moment, making 60 Moorabool Street an attractive proposition.

GMHBA Chairman, Mr Jim Walsh, said this development is a true milestone for GMHBA and a sign of the organisation’s commitment to Geelong.

“This project is a significant investment and a strategic decision for GMHBA that will enable us to drive the innovation, efficiency and productivity required for our business to continue to deliver for our members,” Jim said.

“It also demonstrates our continuing support of Geelong, a community GMHBA has been part of since 1934.”

Colliers International’s Edward Knowles was left in no doubt as to the significance of the development in a burgeoning regional city with a population expected to grow around 70,000 by 2031.

“Located in the centre of Geelong’s retail activity precinct, 60 Moorabool Street is set to become the centre-piece for business connectivity in the heart of Australia’s fastest growing city,” Mr Knowles said.

“Specifically designed for progressive and flexible businesses, this is the most significant office development to be built for Geelong since Quintessential Equity developed 1 Malop Street, a project that led the way for sustainability and occupant wellbeing globally.”

Of the remaining 3,000sqm available for lease at 60 Moorabool Street, most is understood to be well advanced with prospective tenants. Construction has commenced with availability from Q2 2021.

Quintessential Equity is currently in the midst of capital raising for Master Fund No.2, targeting $150 million to take advantage of purchasing opportunities around the country.

 

Media enquiries

Michael Dolan, Pesel & Carr

P: (03) 9036 6900 E: michael.dolan@peselandcarr.com.au

 

About Quintessential Equity

Quintessential Equity is a diversified commercial property group that provides wholesale investors with sound, risk-mitigated, syndicated property opportunities. The company focuses on commercial and industrial investment and development properties in strategic locations.

 

 

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