New Civic Precinct unveiled
31 October 2019
We have appointed leading property fund manager and developer Quintessential Equity and unveiled an innovative and sustainable timber design for our new central administrative office at 137 Mercer Street.
Designed by multidisciplinary Australian practice COX Architecture, our new office features a beautiful and sustainable Cross Laminated Timber (CLT) design, creating a light-filled, healthy, contemporary workplace for our central Geelong-based employees. The new Civic Precinct will bring our staff together from seven central Geelong offices to drive collaboration, reduce costs, and future-proof our workplace needs.
Construction is expected to begin on the Civic Precinct mid-2020, with project completion mid-2022.
We are partnering with Quintessential Equity in a $200 million investment, with construction of the new Civic Precinct to create nearly 900 local jobs. An estimated 43 per cent of construction costs will be sourced locally.
The multi-building design of the new Civic Precinct includes a second commercial building to be funded completely by Quintessential Equity, creating sustainably designed, PCA A-Grade office space for an additional 900 full-time workers in central Geelong.
We are delivering the Civic Precinct without any increased cost to the ratepayer. In fact, once environmental and workplace efficiencies, increased rental returns, additional commercial rates and a reduced interest rate are factored in, the project will generate positive cashflow of $1.2 million per year.
We are future-proofing our organisation’s workplace needs, by taking advantage of low interest rates and high office rental returns to invest in expansion space within the Civic Precinct at a cost of $8.5 million, to be tenanted out until needed, repaying the additional cost and generating positive rental revenue.
This is a forward-thinking and cost-effective alternative to purchasing or renting additional office space in 10-15 years as the organisation grows to meet the needs of Greater Geelong’s growing community.
This additional cost, alongside the creation of 2600 square metres of active public space and leading environmental credentials which support our commitment to moving to 100% renewable energy, takes our contribution to the Civic Precinct to $102.5 million.
The Civic Precinct includes significant social investment. Together with Quintessential Equity, we will engage with G21 Regional Opportunities for Work (GROW) to ensure disadvantaged areas benefit from procurement and local employment opportunities created by the project.
The Civic Precinct has been designed to meet the key aspirations set out by the Geelong community in our Civic Precinct community engagement earlier this year. Over the coming weeks we will be engaging with community again on the use of public space within the precinct.
The partnership is also committed to meaningful ongoing engagement with Traditional Owners and the local Aboriginal community, building on the engagement undertaken earlier this year.
Our new office will achieve the highest standards of sustainable design with a 6 Star Green Star Design and As-Built Rating as well as a 6 Star NABERS Energy Rating, meeting our environmental aspirations and validating our UNESCO City of Design designation.
With 48 per cent of the site dedicated to accessible public space as well as co-working spaces and retail and food tenancies, this vibrant and thriving precinct will provide direct connections to Johnstone Park and pedestrian access through to Bayley Street.
The new office will feature end-of-trip facilities to encourage active modes of transport such as walking and cycling.
Quintessential Equity bring significant local experience to the table, including the WorkSafe building at 1 Malop Street, completed in 2017 and GMHBAs new head office at 60 Moorabool Street which will be completed in 2021.
Cross Laminated Timber (CLT) is a sustainable and cost-effective alternative to more traditional construction methods. Quintessential Equity have partnered with local company Cross Laminated Offsite Solutions (CLOS) for this project, creating new jobs at their Avalon manufacturing site and acting as a catalyst for manufacturing development in the region.
Find out more about the project and view videos, renders and sketches of the design by visiting our Civic Precinct page, https://geelongaustralia.com.au/civicprecinct/default.aspx.
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Source: City of Greater Geelong - www.geelongaustralia.com.au
Contact: N/A
External Links:
https://quintessential.com.au/
https://www.coxarchitecture.com.au/
Recent news by: City of Greater Geelong