A-grade office tower full after ‘history repeats’ retail deal

The nine level Geelong asset is now full.

GMHBA has leased the balance of a near new office it co-owns with Quintessential.

GMHBA owner-occupied former buildings between 60-88 Moorabool Street. Image: Google Street View.

The healthcare group will open a medical centre in the 770 square metre ground floor space at 60-78 Moorabool Street, on the south west corner of Corio, also facing Gore Place, Geelong.

KMPG’s Geelong tenancy.

Offering dental, eye care, medical and physiotherapy services – and access to private health insurance – the Geelong Hub, as it should be known, is scheduled to open after the third quarter.

It will be a case of history repeating, with the nine level, A-grade office completed in December, 2021, replacing a row of double storey buildings GMHBA owner-occupied, which made way for the tower.

The landlord leases three levels within that skyscraper, penned by Cox Architecture.

No vacacy after history repeats deal

GMHBA, which has its roots to 1934 as the Australian Cement Company’s Cement Workers Hospital Benefits Scheme – was known for 42 years until 2000 as the Geelong Medical and Hospital Benefits Association.

With the not-for-profit’s agreement for the ground floor space, and another new deal, with IAG, for offices, the 10,856 sqm building is full (KPMG agreed to move in last year).

“We are delighted to have reached this significant milestone,” Quintessential general manager, Asset Management, Julian McVilly, said (story continues below).

The 60 Moorabool Street foyer.

“It is another illustration of the flight to quality we are seeing in the market,” he added.

“The [office’s] prime location and state-of-the-art facilities offer businesses a great environment, which will play a role in attracting and retaining talent in a growing market,” according to the executive.

Elsewhere in Geelong, Victoria’s most populated city after Melbourne, ID_Land, as part of a consortium, earlier this month purchased a Charlemont farm with plans for a traditional housing estate and land lease community.

Covering 15.65ha, that parcel is speculated to be costing well over $40m – a major uplift on the $18m the vendor spent last year.

Last year, Hamilton Group snared Newtown’s historic ex-Union Flour Mill for c$10m for a retail based project, while the Costa family acquired a high profile car park opposite Geelong Town Hall as a passive investment with long term development upside.

At $22.6m, that property cost 10pc over guide.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.