Franze Developments, Geelong Quarter. External renders of the development at 44 Ryrie St, Geelong.
LEGAL, accounting and other Geelong professional services businesses are in talks with developers about leasing in the first commercial office tower on Ryrie St in 10 years.
Franze Developments’ managing director Paul Franze said the businesses were among the target market for the 11-storey office building that’s part of the Geelong Quarter development, anchored by the 180-room Holiday Inn & Suites.
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An external render of the development at 44 Ryrie St, Geelong.
“Our market that we’re trying to target from an office perspective from our research shows there is up to 20,000sq m of demand and uptake over the next two to five years
“We’re targeting local Geelong businesses. Our floorplates are on average about 700sq m, whereas some of the bigger floorplates are in excess of 1000sq m.
“We’re targeting financial services, legal practitioners and other service provider consultants that need between 300sq m to 2000sq m.
A cafe will be the main tenant in the ground floor lobby and retail area.
“Obviously if there’s a government or corporate client that requires been 2000sq m and 5000sq m, we’ll look to try and service those guys but we feel there’s a lack of A-grade office space that services local Geelong businesses.”
Mr Franze said while the recent development boom serviced large government clients like NDIS and WorkSafe, there hadn’t been a smaller AAA-quality building developed to service local businesses.
The service core, including lifts, is at the side of the building, leaving open floorplates for flexible office design.
Unlike some office developments, which rely on major tenants commit to leases before construction, Mr Franze said work would have to commence before many tenants signed on.
“It takes a bit longer to work through the process.
“Quite often you have to spec a development and get it start so people can get confidence that it is going to proceed,” he said.
Mr Franze said the developers were talking to half a dozen groups at the moment.
End of trip facilities include showers, lockers and bicycle storage.
He said the Holiday Inn & Suites would form a key plank in attracting businesses to lease in the commercial project, activating the space and providing function and shared office space in the Level 1 skylobby.
“It’s a concept that is come out of Europe and the US,” he said.
“You’ve still got a drop-off area on the ground floor but that leads you upstairs where there is a hotel lobby, function area, conferencing, cafe, a bar so it encourages people to use that area.
“That area is a link to the office on Level 1,” he said.
Demolition of the existing buildings at 44 Ryrie St is expected to start this month, with construction anticipated to start next autumn.