Deal profile | Gadens advises Vicinity Centres on Officeworks’ relocation to Chadstone Place
6 December 2021
Gadens was delighted to provide its expertise in mixed-use development to assist Vicinity Centres in welcoming Officeworks’ national corporate headquarters to Chadstone, Australia’s largest retail destination. This relocation marks the second-largest metro office transaction for 2021 with all 30,000m2 across Chadstone’s four commercial office buildings now fully occupied. In addition, this relocation to Chadstone Place will take occupancy of Chadstone’s commercial office space to 100% and furthers Vicinity Centres’ mixed-use development strategy.
Gadens, who currently advise Vicinity Centres in relation to its retail leasing portfolio, was engaged to advise on this commercial office transaction as part of Vicinity Centres’ strategy of creating ‘communities for the future’.
This corporate setting will encompass a contemporary, bespoke and sustainable workplace for Officeworks’ employees due to the major refurbishment to deliver Net Zero Carbon certification. This space will encompass a sustainability focused design, including but not limited to a 5 star Green Star rating, 5.5 star NABERS Energy rating, Climate Active zero energy certification and first-class end of trip facilities encouraging sustainable commuting.
Andrew Kennedy, Partner commented,
“We are pleased to continue supporting Vicinity Centres as it develops its mixed-use offering at Chadstone and as the ‘work near home’ trend in Melbourne continues to grow. With many more exciting opportunities ahead, Chadstone is well on its way to becoming the preferred corporate location in the Monash economic corridor.”
Practice groups: Real Estate and Construction.
Deal significance: The transaction of Officeworks’ relocation provides an outstanding opportunity for Vicinity Centres to grow in their mixed-use developments for quality workplaces in the metropolitan market. It marks the second-largest metro office transaction for 2021, with all 30,000m2 across Chadstone’s four commercial office buildings now fully occupied.
Key team members: Gadens Partner Andrew Kennedy in the Real Estate and Construction Group led the transaction, supported by Jeremy Collins (Special Counsel).
