Permit for 15-floor office tower offered with Geelong CBD block
A Geelong development site once short-listed as a potential home for the Victorian WorkCover Authority head office has hit the market offering permit-approved plans.
Geelong businessman Michael King had bid for the WorksSafe contract, having reworked previously approved plans into a 12-storey building with renowned architects Fender Katsalidis.
The 1955sq m landholding at 23-25 Myers St, which is home to a Kings Funeral chapel, has been listed for sale by expressions of interest closing on August 24.
Savills directors Julian Heatherich and Benson Zhou are managing the campaign with local conjunctional agent Jayden Roncon.
Mr Heatherich said he expected interest to be above $7.5 million for the property.
“There is 11,000sq building area, so it’s a pretty substantial building,” he said.
“There is a fair bit happening in Geelong and these type of projects are great for the area, there is good employment and people are looking for that kind of space with good sized floorplates.”
The permit is for a 12-level commercial project featuring office, childcare and retail, plus two basement car park levels and a rooftop outdoor area.
The project offers 10,254sq m of lettable office space across 10 levels. A child care centre on level 3 boasts a sizeable open-air play area, while 367sq m of retail at ground level.
“There is a lot of demand for institutions in Geelong.”
Mr Heatherich said there had been strong interest from groups for the property early in the campaign
“Geelong is a highly sought after area for the right sort of projects, so it’s been well received to date.
“It’s the permit that has a lot of value – it’s a big scale project and it takes a while to get these together
“It’s a good area, you’ve got the Centrelink building at the back, so you’ve really got some government tenancies in the immediate area, so it will lend itself to some other government type uses.”
Civil construction has also started on a Quest apartments development nearby.
“There is a lot of institutional buyers for these projects as well as locals. There is a very strong market of developers in Geelong that develop all over Melbourne but are still based in the area, so there is a good mix.”
The property hit the market weeks after Quintessential Equity executive chairman Shane Quinn revealed he was in the market for two major office sites and a residential project site to expand his firm’s presence in Geelong.
Quintessential won the original contract to deliver the WorkSafe headquarters at 1 Malop St, and has since completed the nine floor office complex including the headquarters for health insurer GMHBA. It’s currently delivering a $220 million Civic Precinct which will house the City of Greater Geelong and has a second office building awaiting pre-leasing.
Geelong developer Techne Development built the national headquarters for the National Disability Insurance Agency with its $120 million overhaul of the Carlton Hotel site.