Quintessential Equity is shovel ready to begin $130m Geelong office project
Renders of the Quintessential Equity development at 20 Gheringhap St, Geelong.
Work on a new $130m office tower next to Geelong council’s new headquarters could start next year after developers Quintessential Equity officially launched the project.
20 Gheringhap St is the 11-floor neighbour at Wurriki Nyal, the city’s new civic precinct along Mercer St.
Quintessential Equity (QE) executive chairman Shane Quinn said construction would begin after the developer reached a 45 per cent leasing precommitment threshold, anticipated next year.
Mr Quinn said QE was negotiating with tenants for the building.
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“I expect to be committed next year, so the construction will be next year,” Mr Quinn said.
Talks continue after global consulting firm KPMG Australia filled the final office space at QE’s previous project, GMHBA at 60 Moorabool St.
“If you look at the stats, including 53,000sq m of A-grade space in Geelong, there was only 1200sq m of vacancy and we’ve just filled that at GMHBA with KPMG,” Mr Quinn said.
“Essentially there is no A-grade vacancy in these premium-type buildings in Geelong.
Deputy Prime Minister Richard Marles, Geelong MP Christine Couzens, Mayor Peter Murrihy and Quintessential Equity executive chairman Shane Quinn with a model of the 10-storey tower. Picture: Alan Barber
“There is a deep demand and need for the next building and we want to be at the forefront of that and we think we’ve got the track record now that people are going to choose our site as the next one.”
20 Gheringhap is expected to attract both government and large corporate occupiers who have recognised the advantages of the post-Covid decentralised workplace and the large number of offices now residing in the Greater Geelong and Bellarine region.
Former defence Minister Christopher Pyne and now chairman of advisory firm Pyne and Partners was in the audience as Deputy Prime Minister, Defence Minister and Corio MP Richard Marles spoke.
Renders of the Quintessential Equity development at 20 Gheringhap St, Geelong.
Renders of the Quintessential Equity development at 20 Gheringhap St, Geelong.
Mr Marles described the new council headquarters as the most important modern building in the evolution of Geelong and praised QE’s ambition to hit 5-star green and 6-star Nabers ratings at 20 Gheringhap St.
“I always thought there was something of a dead space between the beautiful railway station and Geelong.”
As more traffic flowed from Melbourne to Geelong to big employers such as the TAC, WorkSafe or NDIS, the walk from the station to the centre of Geelong, the civic precinct became a really important area, he said.
Renders of the Quintessential Equity development at 20 Gheringhap St, Geelong.
Renders of the Quintessential Equity development at 20 Gheringhap St, Geelong.
“We’ve seen the height limits removed and taller buildings start to appear, which I like.
“The skyline of Geelong has really changed in the past 10 to 15 years. As I run along the foreshore, one of the things that’s become clear to me is that as the skyline changes, it really matters that we’ve got quality buildings.”
QE chief executive Russell Bullen said the shovel-ready project designed by Cox Architecture would deliver 11,000sq m of premium office space with a double height atrium lobby and rooftop terrace.
Mr Quinn said he’s bullish about building in Geelong, having delivered the world’s second platinum rated core and shell rated building at 1 Malop St.
“We have committed to Geelong over the last six years by delivering over 40,000sq m of new office space. We intend to continue strengthening this commitment and aspire to invest another $500m over the next six years,” he said.
