In mid-December 2019, diversified property group Quintessential Equity appointed Kane Constructions to deliver a new $85 million commercial development in Melbourne’s Geelong – 60 Moorabool St.
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.
Construction is expected to commence in March 2020, with the build of 60 Moorabool St forecast to generate 250 jobs within Geelong and inject more than $50 million into the local economy.
The office building is set to become the new headquarters for health insurer GMHBA, the anchor tenant, who is leasing three of the eight levels.
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 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 said.
Kane Constructions’ project director, Sam Birdseye, said 60 Moorabool St represents another important step in revitalising Geelong.
“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,” Mr Birdseye said.
“We look forward to working with Quintessential Equity and GMHBA who share our passion and commitment to the region.”
GMHBA Chairman, Jim Walsh, says the project is a great sign of confidence by GMHBA in Geelong.
“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 capital growth, in a growing commercial real estate market,” Mr Walsh commented.
Demolition of the site has commenced, with completion slated for mid-2021.