Quintessential Equity appoints builder for new GMHBA Headquarters in Geelong
13 December 2019
Diversified property group Quintessential Equity has appointed Kane Constructions to deliver a new $85 million commercial development in Geelong as it continues to form genuine partnerships for growth.
Located at 60 Moorabool St, the office building is set to become the new headquarters for health insurer GMHBA, the anchor tenant, leasing three of the eight levels. At 85 per cent pre-leased, other tenants of the building include Victory Corporate Serviced Offices and Morris Finance.
With construction commencing in March 2020, it is estimated that the build of 60 Moorabool St will create 250 jobs within Geelong and inject more than $50 million into the local economy.
Quintessential Equity, GMHBA and Kane Constructions are all signatories of the G21 Region Opportunities for Work (GROW) Compact – an initiative focused on maximising economic and social outcomes in the Geelong region.
Quintessential Equity’s executive chairman Shane Quinn says that the partnership marks a significant milestone for Geelong’s burgeoning commercial landscape.
“To work with partners that share the same passion about providing world class office spaces that help our tenants, the community and the environment thrive has all the hallmarks of what we value,” he says.
Designed by Cox Architecture, the mixed-use building will comprise approximately 11,050 square metres of A-Grade lettable office space to accommodate over 900 employees, and includes retail commercial space, an underground car park and end-of-trip facilities.
Connected to key transport links and road infrastructure, 60 Moorabool St lies at the heart of Australia’s fastest growing regional city.
Kane Constructions’ project director, Sam Birdseye, says that 60 Moorabool St represents another important step in revitalising Geelong, where the builder has had a long and successful history in delivering major projects.
“We’re excited to be appointed as the design and construct contractor to deliver GMHBA’s new head office. In addition to creating 250 jobs, it is estimated that around 60 per cent of the total construction cost will be procured from the Geelong/G21 region,” he says.
“We look forward to working with Quintessential Equity and GMHBA who share our passion and commitment to the region.”
Adding to Kane Constructions’ growing Geelong portfolio, the builder has recently completed the second stage of the Geelong Arts Centre Redevelopment, the National Disability Insurance Agency Headquarters, and a number of projects at Deakin University.
GMHBA Chairman, Jim Walsh, said the project is a great sign of confidence by GMHBA in Geelong.
“As an organisation that has been part of the Geelong community for 85 years, this project demonstrates GMHBA’s ongoing commitment to Geelong and regional Victoria. We are really proud that this redevelopment is continuing to support the city’s growth and boosting local employment,” he says.
“The building will not only bring our staff together to provide an efficient, modern and collaborative workplace, it is also an investment for GMHBA members to benefit from annual returns and potential future captial growth, in a growing commercial real estate market.”
According to GROW director, Anne O’Brien, each of these organisations has committed to creating a prosperous community.
“GROW is delighted that three Compact signatories are partnering for this important project, working together to deliver social benefit for all G21 communities through employing and buying locally,” she says.
The project will continue Quintessential Equity’s market leading contribution in the region, following their recent appointment to deliver the $200 million City of Greater Geelong headquarters on Mercer Street and the success of their multi award winning WorkSafe Victoria headquarters on Malop Street.
Demolition of the site has commenced, with completion slated for mid 2021.