This article is from the Australian Property Journal archive
QIC Global Real Estate has started construction of a 14,000 sqm office building at Eastland shopping centre as major landlords move forward with diversifying their retail assets.
Named Eastco, the A grade commercial tower is part of the evolving town square and office precinct adjoining the centre in Melbourne’s eastern suburbs. The Victorian Department of Transport will to occupy all six levels of office space once construction is complete.
It represents a piece of QIC GRE’s $200 million investment in expanding the centre’s mixed use offer over the last three years. A $700 million retail redevelopment project was completed in 2016, followed by the introduction of 120 room Sage Hotel.
Vicinity Centres has just lodged multiple development applications for office, apartment and retail towers across 5.5 hectares at its Box Hill shopping centre, while Council approval was granted this week for $685 million of office, food, entertainment and car parking at megamall Chadstone, owned by Vicinity and Gandel Group.
“The redevelopment of Eastland in 2016 catalysed a building boom in Maroondah, and we are now proud to be moving forward with the creation of a thriving business hub at the centre of this burgeoning region,” managing director of QIC GRE, Michael O’Brien said.
Construction is expected to be completed in early 2022. EastCo will boast a 5-star NABERS Energy rating, along with 360-degree views that stretch to the Yarra Valley from the upper levels.
EastCo will also sit adjacent to the recently redeveloped Ringwood train and bus interchange, the Realm library and community centre, the Sage Hotel, and the soon-to-be-completed Maroondah City Council office.
The development will create about 200 jobs during construction and be home to some 1,000 workers.
