In a move that shows the value of a central location, Wesfarmers Health has left its eastern suburbs home for a Flinders Street office building in Melbourne.
Wesfarmers Health, the newest division of the ASX-listed conglomerate, is moving from its Camberwell office in Melbourne’s eastern suburbs to a refurbished former Victoria Police headquarters in the CBD that gives it space to expand and the ability to draw on a wider pool of workers.Wesfarmers acquired last year for $774 million
The lease, which also gave the company the ability to exit the building before the expiry of its 10-year term if it needed more space, shows the upper hand that tenants have in negotiations with owners in a time of uncertainty about the future of city office assets. But even at a time when incentives, such as the discounts landlords give tenants, are strong – market figures talk about 40 per cent-plus on A-grade and premium buildings – Wesfarmers Health’s move also shows the pull that CBDs retain as companies navigate changed working cultures that combine working from home with the office and other locations.
“If Wesfarmers are to attract those people and get them into the office space or to work with a team one or two days a week, you can get [people from] Ballarat, Geelong, Bendigo, Torquay. It’s far easier … in the city for those to come in and catch up than to come in and then go to Camberwell.”to its parent company and is exiting the 5300-square-metre space it occupies in Camberwell – said the new location was the right environment to transform the business.
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