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Tag: Officeworks

  • Officeworks staff vote for Increased Salaries

    Officeworks staff vote for Increased Salaries

    Officeworks staff have approved a new Store Operations Agreement that will introduce higher base pay and penalty rates and new leave entitlements for eligible team members.

    More than 80 percent of staff participated in the vote, which closed on Sunday night, with 97 percent voting in favor of the new Agreement, according to a release from Officeworks.

    “The new Agreement sees over-award terms and conditions retained, with improved conditions for both part-time and casual team members when it comes to securing work,” the Wesfarmers-owned retailer said in the release.

    As part of the four-year agreement, eligible team members will receive a 2 percent wage increase for the first two years and a 3 percent wage increase for the last two years, with the base pay rate continuing to clock in above the award. They will also be paid higher penalty rates on weekends and evenings.

    Team members will also be able to choose their superannuation fund, and they will be provided with two days of paid domestic and family violence leave.

    Officeworks’ new leave entitlements follow the introduction of its ‘Growing Families’ policy in March, which saw primary carers receive 12 weeks of paid leave, double the amount they received previously, and secondary carers receive two weeks of paid leave, where none was available before.

    It also entitles primary carers to 52 weeks of superannuation contributions and long-service-leave accrual, and secondary carers to two weeks of superannuation contributions.

    “Providing certainty about pay and conditions for our team members so that they can plan their work and life more effectively is important to us and has been an absolute priority for me and my team,” Sarah Hunter, Officeworks managing director, said in the release.

    “I’m really excited that our team has overwhelmingly voted in favor of this Agreement. It’s such an exciting time at Officeworks and creating more stability for our team members will help us make bigger things happen together moving forward.”

    The Agreement will now be lodged with the Fair Work Commission for approval; however, the retailer said yesterday that it would immediately increase the base pay rate by 2 percent for all team members covered by the agreement.

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  • Queensland Officeworks sale sets record low yield

    Queensland Officeworks sale sets record low yield

    A newly developed Officeworks in Queensland has been sold on what is understood to be a national record low yield for an Officeworks store.

    The 1,661sqm Officeworks store at North Lakes in Brisbane’s high-growth northern corridor has pre-sold on a 10-year lease-back for $7.093 million, reflecting a record 4.8 per cent yield.

    Savills’ Peter Tyson and Jon Tyson handled the marketing and sale on behalf of Officeworks Limited to a private Melbourne-based investor with Joel Wald of MMJ Real Estate acting for the buyer.

    Tyson said Officeworks North Lakes attracted intense buyer interest nationally with more than 180 separate enquires and multiple offers.

    “This was a very hotly contested offering, resulting in what is believed to be a new national benchmark yield for a freestanding Officeworks,” he said.

    “New single tenant investments with long lease security and blue-chip covenants such as Officeworks are highly sought after by the marketplace due to their bond-like attributes.”

    Officeworks developed the new store with parking for 57 cars on a 4,029sqm high profile corner site on Flinders Drive in the North Lakes Business Park.

    “Officeworks viewed the location as strategic as the new store will join a growing list of retailers lining up in the North Lakes precinct,” Tyson said.

    “These retailers include Queensland’s only Costco Wholesale outlet, Queensland’s biggest Bunnings Warehouse, as well as Ikea’s recently opened store in the nearby Westfield North Lakes regional shopping centre.”

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