Mrs MOYLAN (4:52 PM) —On behalf of the Parliamentary Standing Committee on Public Works I present the 11th report for 2006 of the committee relating to the proposed fit-out of new leased premises for the Australian Securities and Investments Commission at 120 Collins Street, Melbourne.

Ordered that the report be made a parliamentary paper.

Mrs MOYLAN —by leave—This report examines the proposed fit-out of new leased premises for the Victorian Regional Office of the Australian Securities and Investments Commission at 120 Collins Street, Melbourne, at an estimated cost of $9.85 million. ASIC has occupied 8,810 square metres of office space at 485 La Trobe Street, Melbourne, since its inception in 1991. According to ASIC, its current fit-out is dated, inefficient and ergonomically poor. The current lease expires in December 2006.

In November 2004 ASIC sought expressions of interest to lease suitable premises in the Melbourne central business district. Seventeen submissions were received and following extensive assessment these were reduced to a short list of five options. Two options were identified for detailed exploration, with the site in Collins Street selected as being the most suitable. The new leased premises will physically locate ASIC among its major external stakeholders and will provide a level of fit-out comparable to other ASIC premises. The office design will allow for a collaborative working environment, readily accommodate change and will allow for the speedy utilisation and redirection of technology and resources.

ASIC intends to lease seven contiguous floors as well as ground floor space at 120 Collins Street for 10½ years. A service centre will be constructed on the ground floor, with security controlled access to ASIC’s leased floors. A reception area, investigation evidence rooms, meeting rooms, storage facilities, a computer room and a first aid room will also be constructed. Each floor will include utilities and a kitchen.

ASIC have negotiated a $6.5 million lease incentive, which will be used to offset the cost of the fit-out, bringing the total cost to the Commonwealth down to $3.35 million. Items from the current tenancy, such as whitegoods, some audiovisual and technical equipment and some loose furniture are anticipated by ASIC to be re-used in the new premises. ASIC assured the committee that the fit-out would meet the minimum requirements of the Building Code of Australia and all relevant state and Commonwealth occupational health and safety and equal employment opportunity legislation.

The building at 120 Collins Street has an Australian building greenhouse rating of three stars. Whilst the age of the building has an impact, the committee heard that the lessor is endeavouring to improve this rating. Environmental issues considered by ASIC include the provision of cycle parking, the use of motion-sensitive lighting, minimising the use of after-hours airconditioning and utilising waste management strategies. ASIC are also receiving advice on methods to reduce electricity use. The lease includes a section dedicated to green issues and describes and quantifies the commitment of both ASIC and the lessor to ensuring environmental performance criteria are met and exceeded. ASIC anticipate that the project will be completed by mid-November this year.

Having given detailed consideration to the proposal, the committee recommends that the proposed fit-out of the new leased premises for the Victorian Regional Office of the Australian Securities and Investments Commission at 120 Collins Street, Melbourne, proceed at the estimated cost of $9.85 million, noting that the $6.5 million lease incentive will be used to offset the cost of the fit-out. In closing, I wish to thank those who assisted with the inspection and public hearing, my committee colleagues and staff. I commend the report to the House.