Small Geelong property to ride GMHBA development
Geelong-based health insurer GMHBA’s city head office development has created an opportunity to capitalise on the long-term activation of the precinct.
GMHBA is set to build a multi-million, eight-storey head office in Moorabool St.
The modern complex will replace three buildings, including the health fund’s existing Moorabool St head office, which opened in 1963.
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The development will also end the fund’s reliance on leasing additional office space across the city centre to house its head office staff.
While planners consider the permit application, owners of a nearby property decided it’s time to hit the market, listing the property at 82 Moorabool St for auction on April 5.
Colliers International, Geelong agent Andrew Lewis says the 904sqm property has been vacant for some time but presents as a development opportunity for an owner occupier or a developer.
He says price hopes are from $800,000 to $900,000.
“It’s a good little spot but it probably needs some work on it — possibly extending,” he says.
“You can probably go up. It’s got rear parking, which is handy, and it’s right next door to where GMHBA are going to building their big new offices, so it’s a pretty well positioned spot.
“It’s not ready to go straight away — you’d probably want to go in there and spend some money on it. It’s a bit more a development opportunity for an owner occupier for a developer
“It’s nicely located and down the track you’re going to be right in the heart of that big new precinct.
“Its location is sensational anyway, it’s just going to get better.”
The property is being offered with vacant possession and suits retail, office or food uses.
The GMHBA project is expected to start in mid to late 2019 and will take about two years to complete, creating around 600 jobs in the process.
Quintessential Equity, which built and owns the 1Malop tower housing the Victorian WorkSafe headquarters, is set to develop the 40m building.
GMHBA expects to be able to move into the new head office premises in early 2021.
Multiple tenancies with a total of about 10,000 square metres will be available for lease.
This article from the Geelong Advertiser originally appeared as “Geelong property offers chance to capitalise on GMHBA head office project”.