Prime office tower leases on market
THE next phase of a $200 million Geelong mixed use development anchored by a 190-room Holiday Inn hotel has launched this week.
Leasing for an 11-storey commercial tower adjacent to the hotel has gone to the market, offering more than 7600sq m of new A-grade office space to businesses in central Geelong.
Colliers International, Geelong agent Ben Young said there had already been interest from potential government and non-government tenants in the tower at 44 Ryrie St.
Melbourne firm Franze Developments is behind the project, which last year signed a deal with global accommodation group Intercontinental (IHG) to build the hotel and apartment complex on the prime city site.
Mr Young said plans were being finalised in consultation with planning authorities.
Once the project gets the official green light, demolition is expected to start quickly, he said.
Construction is expected to be completed in 2020.
The tower will provide of- fice space over 10 levels, with a cafe taking a key retail space in the ground floor lobby.
The final layout of the floors will depend on the tenancy mix, whether that be a single organisation leasing the entire space, or multiple tenants taking single or multiple floors.
Mr Young said it’s likely that a lease of all or most of the building to a major tenant would include the rooftop terrace, though there were several other balcony positions on the building.
A major tenant could also have naming rights on the building.
The building is designed with core services, including lifts, at the side, giving flexibility to the floor plates which start at 525sq m up to 900sq m.
“There’s potential that one tenant can take the whole 7600sq m,” Mr Young said.
“We’ve got plenty of inquiries from tenants wanting to look at different options — a mix of government and nongovernment tenants.
“With this development, you are only 400m from the train station and 230m to the Princes Highway and Johnstone Park. Westfield is only 750m away,” he said.
Mr Young said the upper floors would provide some of the best views in Geelong.
The building will have 45 spaces in a basement car park and strong green energy and business design ratings.
The tower will be Geelong’s first major office project started without a government tenant bankrolling it.
At 7600sq m, it has half the floorspace of 1 Malop St, which will house the WorkSafe headquarters with several other tenants.
It is opposite Barwon Water’s headquarters, which recently had a $32 million upgrade.
IHG signed a 20-year management agreement to open and operate the Holiday Inn and Apartments complex, which would also include an all-day dining restaurant and bar, swimming pool, gym, parking and a 300sq m of meeting facilities, including a function room for 250 people.