QIC secures health giant to Ringwood office

The all electric Ringwood office is under construction.

Eastern Health has committed to a landmark all-electric office under construction next to Eastland shopping centre.

Eastern Health has committed to 5000 square metres at 5 Bond Street.

The healthcare giant, which employs 8700 people – two thirds who live in the municipalities it covers – has leased 5000 square metres, or 40 per cent, of the building, 5 Bond Street, at the south west corner of Ringwood St.

QIC is the landlord; it also owns Eastland, which has been expanding in stages including with a 10 level office, Eastco, that in 2020 VicRoads chose as its headquarters, relocating staff from Burwood East, Kew and the CBD.

Colliers brokered that deal and is the sole agency leasing 5 Bond St.

According to Kevin Tutty, Colliers director, “Ringwood is one of Melbourne’s largest and most important activity centres, well serviced by public transport, roads, retail and essential services amenity”.

“Eastland is its epicentre, accommodating the suburb’s library, a public square, the 4.5-star Sage Hotel and over 130,000 sqm of shopping space,” he added.

“The region’s office market is arguably the most competitive in metropolitan Melbourne, with supply failing to keep up with demand, particularly for A-grade stock, contributing to an extremely tight A-Grade market with zero vacancy” according to Mr Tutty.

This demand was evidenced late last year when city-based law firm Arnold Thomas & Becker made the unusual decision to buy a retail property to extend its Ringwood office on Maroondah Highway.

Completion of 5 Bond St is scheduled early next year (story continues below).

Eastern Health will occupy part of the ground floor as well as levels four and five.

Eastern Health goes green

With seven hospitals servicing over 750,000 people across a catchment spreading 2816 square kilometres, Eastern Health is one of Melbourne’s most significant healthcare providers.

The 5 Bond St office will complement the group’s headquarters opposite Box Hill Hospital, which it controls.

Other hospitals in its portfolio include the Maroondah Hospital, two kilometres from Eastland, in Ringwood East, the Peter James Centre (Burwood East), Wantirna Health (Wantirna), the Angliss Hospital (Upper Ferntree Gully), Yarra Ranges Health (Lilydale) and the Healesville & District Hospital and Yarra Valley Community Health (Healesville).

“Five Bond St represents the next phase of QIC’s continued evolution of the Eastland precinct in Ringwood, after the recent completion of the $200m office tower for the Department of Transport, home to VicRoads’ new flagship customer service centre” QIC Australian Investment Management director, Daryl Stubbings, said.

“A focus on health and wellbeing is at its core,” according to the executive, who added the asset will carry 6-star NABERs and 6-star Green Star ratings.

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Marc Pallisco

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