We have appointed leading property fund manager and developerQuintessential Equity and unveiled an innovative and sustainable timber design
for our new central administrative office at 137 Mercer Street.
Designed by
multidisciplinary Australian practice COX Architecture, our new office
features a beautiful and sustainable Cross Laminated Timber (CLT) design,
creating a light-filled, healthy, contemporary workplace for our central
Geelong-based employees. The new Civic Precinct will bring our staff together
from seven central Geelong offices to drive collaboration, reduce costs, and
future-proofour workplace needs.
Construction is
expected to begin on the Civic Precinct mid-2020, with project
completion mid-2022.
We are partnering with
Quintessential Equity in a $200 million investment, with
construction of the new Civic Precinct to create nearly 900 local jobs. An
estimated 43 per cent of construction costs will be sourced locally.
The
multi-building design of the new Civic Precinct includes a second commercial
building to be funded completely by Quintessential Equity, creating sustainably
designed, PCA A-Grade office space for an additional 900 full-time workers in
central Geelong.
We are
delivering the Civic Precinct without any increased cost to the ratepayer. In
fact, once environmental and workplace efficiencies, increased rental returns,
additional commercial rates and a reduced interest rate are factored in, the
project will generate positive cashflow of $1.2 million per year.
We are
future-proofing our organisation’s workplace needs, by taking advantage of low
interest rates and high office rental returns to invest in expansion space
within the Civic Precinct at a cost of $8.5 million, to be tenanted out until
needed, repaying the additional cost and generating positive rental revenue.
This is a
forward-thinking and cost-effective alternative to purchasing or renting
additional office space in 10-15 years as the organisation grows to meet the
needs of Greater Geelong’s growing community.
This additional
cost, alongside the creation of 2600 square metres of active public space and leading
environmental credentials which support our commitment to moving to 100%
renewable energy, takes our contribution to the Civic Precinct to $102.5
million.
The Civic
Precinct includes significant social investment. Together with Quintessential Equity, we will engage with G21 Regional Opportunities for Work (GROW) to ensure
disadvantaged areas benefit from procurement and local employment opportunities
created by the project.
The Civic
Precinct has been designed to meet the key aspirations set out by the Geelong
community in our Civic Precinct community engagement earlier this year.
Over the coming weeks we will be engaging with community again on the use
of public space within the precinct.
The partnership is
also committed to meaningful ongoing engagement with Traditional Owners and the
local Aboriginal community, building on the engagement undertaken earlier this
year.
Our new
office will achieve the highest standards of sustainable design with a 6 Star
Green Star Design and As-Built Rating as well as a 6 Star NABERS Energy Rating,
meeting our environmental aspirations and validating our UNESCO
City of Design designation.
With 48 per cent
of the site dedicated to accessible public space as well as co-working spaces
and retail and food tenancies, this vibrant and thriving precinct will provide
direct connections to Johnstone Park and pedestrian access through to Bayley
Street.
The new
office will feature end-of-trip facilities to encourage active modes of
transport such as walking and cycling.
Quintessential
Equity bring significant local experience to the table, including the WorkSafe
building at 1 Malop Street, completed in 2017 and GMHBAs new head office at 60
Moorabool Street which will be completed in 2021.
Cross Laminated
Timber (CLT) is a sustainable and cost-effective alternative to more
traditional construction methods. Quintessential Equity have partnered with
local company Cross Laminated Offsite Solutions (CLOS) for this project,
creating new jobs at their Avalon manufacturing site and acting as a catalyst
for manufacturing development in the region.
