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 that 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.
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,” said Quinn.
Over half of the jobs created to deliver the 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,” Quinn added.
Kane Constructions is the project’s construction partner. Project director, Sam Birdseye, has led and managed the build from the outset.
“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,” said Birdseye.
Claire Higgins, chair of GMHBA, said the company 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 commented.
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.