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Medibank’s New HQ - Setting New Standards

MQT Medibank Hero

The Challenge:

  • Seeking to review their Australian head office accommodation requirements, Medibank wanted to allow sufficient time for an extensive review process that maximised both choice and opportunity for the leading healthcare provider
  • To ensure Medibank’s core objectives aligned to the best possible outcome, it was important that a comprehensive and competitive process was run, exploring both stay-put and new build opportunities
  • Medibank’s assessment criteria focused on several areas such as brand alignment, user experience, flexibility (design and lease structure), productivity, wellness, sustainability, and employer of choice metrics
  • Negotiating risk averse flexibility was considered a high priority, particularly amidst COVID uncertainty

The Strategy:

  • Following a thorough RFP process to select the right Tenant Advisory partner, Colliers were successfully appointed to devise an appropriate strategy and undertake a comprehensive review of available opportunities for Medibank
  • Several compelling opportunities were presented for Medibank’s consideration
  • Colliers aligned property-based solutions to the objectives and expectations of Medibank, which included a strong focus on people, user experience and an inclusive environment for the team to collaborate and thrive
  • The all-inclusive market search ensured every possibility, were considered including potential stay-put scenarios
  • As an employer of choice, it was important to Medibank that their future premises would ‘inspire’ its team back into the office. As the COVID Pandemic has demonstrated our capabilities to work from home, Medibank’s future work environment would set a new benchmark in user experience and wellness initiatives that would “Earn the Commute”
  • Mitigating uncertainty by achieving strong financial/risk averse outcomes allowed Medibank to leverage their iconic brand and unprecedented conditions, with the ability to “right-size” prior to lease commencement and again during the lease itself

The Result:

  • Colliers Tenant Advisory team secured the outcome which best aligned with Medibank’s key objectives, with precinct and amenity criteria afforded strong weighting against diversity and inclusiveness metrics, together with arrival and user experience
  • Considerable savings were achieved on a number of measures, capitalising on lease flexibility, greater efficiency, and extensive base building modifications bespoke to Medibank requirements
  • As anchor tenant, Medibank’s pre-commitment to Melbourne Quarter Tower, a 70,000sqm Premium Grade building, triggered construction of the most significant office tower in Melbourne for many decades
  • Medibank is expecting to welcome more than 2500 staff to work at their new HQ
  • Health and wellbeing will be at the core of all design elements, with the new HQ also being a workplace that celebrates diversity and inclusiveness
  • Medibank’s transition to their new premises is scheduled to occur in Q3, 2024

If you would like to know more about this case study and how our team might be able to assist your organisation, please contact Tim Farley.


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Tim Farley

National Director, Tenant Advisory | Occupier Services

Melbourne

Tim is a National Director of Colliers International's Occupier Services division  and head of the Victorian Tenant Advisory team .  With a career in corporate real estate spanning over 20 years in Australia and the United Kingdom, Tim is an established,  recognised market leader and subject matter expert, with a strategic and organised approach to business. 

Leadership:

Colliers International’s APAC Occupier Advisory Committee

- Education Sector Focus Group

- Legal Sector Focus Group

- Flexible Workspace Focus Group

Tim’s expertise includes:

• Lease & Agreement For Lease

• Market Rent Review

• Acquisitions (Leasehold & Freehold)

• Property Disposal (Strategy, Planning & Management)

• End of Lease / Lease Legacy (Risk & Liability mitigation)

• Strategic Portfolio Review

• Lease Assessment & Restructure

• Qualitative and Quantitative Analysis

Clients Tim has assisted include: Grant Thornton, URBIS, Australian Financial Complaints Authority (AFCA), CGI Technologies Australia, McKinsey & Company, NEC Australia, Bunnings Limited, Coles, Fly Buys, International Workplace Group (IWG), Victoria University, University of Melbourne, Acknowledge Education, Vic Govt., Commonwealth Govt., Sony Pictures Entertainment, Porter Davis Homes, DB Schenker, Telstra, NAB, EQUINIX, Equity Trustees, Medibank, Orica Limited, Asciano, Philips, ASIC, APRA, WILEY Education Services, URBIS, SwissRe, ActForKids, Animals Australia, CHUBB Insurance, Amazon Webservices, NINE Entertainment.

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