Costa AM secures Findex at Geelong’s ex-Capital Building Society HQ

Developed in 1983 as Capital Building Society’s headquarters, Channels House has been renovated since Costa Asset Management acquired it and the neighbouring five-level glass office in 2018.

Costa Asset Management has secured Findex to the newly fit out top floor of a Geelong CBD office built in 1983 as the Capital Building Society headquarters.

The financial advisory has taken a 10-year lease for the 1015 square metre space at 235 Ryrie Street – a three storey building which nowadays goes by the name of Channels House.

When it was last for public sale, Channels House carried a permit for a two level extension with a rooftop garden.

The rental agreement includes 15 car parks.

MP Burke’s Pat Burke was the agent.

Channels House is one of Costa’s newest investments

CAM agreed to acquire Channels House and the a more contemporary five level office next-door (237 Ryrie St), for a total of $40 million in 2018.

At the time, the weighted average lease expiry of the portfolio was a short two years.

Channels House was also being offered permit-ready for a two-storey extension with rooftop garden.

Instead the landlord decided to retain it as a passive investment – recently renewing a ground floor occupier, Clinical Labs, for six years.

A fully-fitted 288 sqm ground floor suite is the final area now for lease, Mr Burke added.

Findex’s space was formerly occupied by Victorian Regional Channels Authority, which last year moved to North Geelong.

Capital Building Society merged with Bendigo Bank in 1992 (story continues below).

Channels House being futureproofed: agent

“The [235 Ryrie St] building owners looked to capitalise on Geelong’s strong growth by taking a proactive approach to attract new tenants, retain existing tenants and futureproof the asset,” Mr Burke said.

“This has been achieved through an extensive capital works program to enhance the…presentation, improved services and an extensive upgrade of the…façade.

“As the COVID-19 pandemic takes hold in central Melbourne, Geelong stands out as an opportunity for Victorian and national businesses, government and enterprise to diversify their operations, reduce their costs and secure quality staff by establishing their business in one of Australia’s fastest growing and exciting regions.

“The Geelong leasing market remains strong with several new office developments underway and strong support from local businesses, state and federal governments,” the executive added.

Local hospitality, healthcare and infrastructure is seeing progress, too.

Three weeks ago we reported BEKL would undertake a luxury renovation of the Geelong Conference Centre it snapped up from The Salvation Army for $6.4m earlier this year.

In May, a Chinese syndicate listed Geelong Medical Centre with $30m-plus price hopes.

A month earlier, Spirit of Tasmania’s owners announced the ship would dock at Corio Quay, instead of Station Pier in Port Melbourne – ending a 47 year era.

Late last year a twice-daily ferry service from the Geelong to Docklands was launched.

In 2018 Costa Asset Management agreed to pay $40 million for the two Ryrie Street offices (outlined). The deal settled last June.
The sites (marked) are about two blocks from Geelong’s waterfront.

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Marc Pallisco

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

Marc Pallisco