This article is from the Australian Property Journal archive
CBUS Property is calling in a panel of experts to “reimagine the purpose and potential” of the Medibank building in Melbourne ahead of the major insurer’s exit.
“With the way Australians live and work in flux, the wholly owned subsidiary of Cbus Super fund has assembled the 720 LivingWork Lab – a design lab of experience, sustainability, business and design experts to reimagine the purpose and potential of 720 Bourke Street, Melbourne,” Cbus Property said.
Medibank announced almost two years ago the signing of a 10-year agreement with Lendlease for 17,500 sqm of office space within the Melbourne Quarter Tower. The 699 Collins Street offices will be home to over 2,500 Medibank staff from October 2024.
Cbus Property said the 720 Bourke Street space “will be the focus for the business as it reconsiders the modern Australian workplace and meeting a broader need for fulfillment and enrichment at work and in life”.
The move comes as a new study by software firm Ivanti shows nearly 40% of workers are struggling with elements of remote work, in particular the less time spent with co-workers. The most-effected sector was tech, with 60% of staff saying they did not enjoy remote work.
Businesses and workers continue to sort out their real estate needs in the wake of COVID and the move to hybrid working. A recent study showed three-quarters of Melbourne CBD workers are attending the office two to three days a week. Cities are having to contend with the growing embrace of flexible workspaces, many of which are established in suburban locations, closer to the homes of workers. An overwhelming number of workers want to work in a flexible workspace near their homes – at least as much as in their primary offices.
Cbus Property’s chief investment officer, Chris Kakoufas, said the 720 LivingWork Lab model was a demonstration that the future of commercial property was “changing in focus to become more in tune with people and the lives lived within the environments we co-create”.
Cbus Property’s specialist team will feature leading design studio Woods Bagot, which previously partnered with Cbus Property on the Collins Arch in the city’s central-west.
“As flexible and online interaction grows, Australians are increasingly purposeful with where and how they choose to spend their time,” Kakoufas said.
“720 Bourke Street presents an opportunity to reimagine what a workplace is and design responses to those new ideas, rather than simply updating a building with a new layout or finishings.
“Increasingly, we are seeking environments that evolve with our work lives and not only support our work but help us connect, create and recuperate. To do this, we need to think beyond architectural features, to consider how buildings can help talented people flourish.”
Woods Bagot principal, Bronwyn McColl said “This is an exceptionally exciting project and a unique opportunity to think beyond the typical approach – asking ourselves to reimagine what a building within a precinct could be provides opportunities to consider more than just building design”.
Kakoufas said Cbus Property’s vision is to ensure the built environment is “reflective of First Peoples culture and allows space for storytelling and for showcasing the worldʼs oldest living culture”.
