Flexible workspace group evicted from CBD towers as chairman Bracks quits

Doors are locked at two more of Victory Office’s city towers just days after the flexible workspace provider’s chairman, former Victorian premier Steve Bracks, quit his post amid a catastrophic share price slump and cascade of eviction orders.

The embattled ASX-listed workspace operator was evicted last week from its last remaining offices in Sydney’s Barangaroo precinct and landlord Investa locked the doors at its level 27 Melbourne premises in the gleaming glass tower at 567 Collins Street.

Victory said its two remaining flexible workspaces in central Melbourne, on level 2 at 420 Collins and level 14 in premium 333 Collins Street tower, were open when contacted by The Age and Sydney Morning Herald.

So far, major landlords – AMP Capital, Mirvac, Dexus and Investa – have all abandoned the flexible workspace provider and evicted it from key premises.

The lease termination process was managed with a focus on safety and care at all times.

KPMG spokeswoman

The group’s shares are taking a battering, slumping 80 per cent over the last 12 months, down from a peak of around $2.14 in 2019 to 4.7¢ now.

The company floated on the ASX with much fanfare in 2019 with a market capitalisation of about $80 million. It is now worth $8.36 million at current market values.

Victory was one of the first major companies that Bracks joined, but in a notice to the ASX last week, the inaugural chairman stepped down as did non-executive director Kelly Humphreys, who only joined in November last year.

Chief executive Dan Baxter will take on the chairman role and was contacted for comment.