Leaf Corp pays $3.4 million for strategic North Geelong block next to ex-Target HQ

Eleven months after paying Wesfarmers $10.6 million for the former Target headquarters in North Geelong – developer Leaf Corporation has snapped up a neighbouring 9275 square metre block of dirt.

The $3.4 million deal for 6 Thompson Road sees Leaf Corp’s holding increase to 4.7 hectares and become L-shaped.

It doesn’t give the builder a second street frontage: its new parcel being surplus land at the rear of the Egyptian-themed Sphinx Hotel, owned by the Ramea family for 46 years.

However, it abuts and offers (marketable) vistas over Geelong Golf Course.

In January, when Leaf Corp acquired the Target property at 12-14 Thompsons Road, director Adam Rogers said it planned to deliver one of Geelong’s most substantial projects.

The precinct has been the subject of a rezoning from Industrial 1 to Mixed Use, which would allow for residential, commercial, retail and aged care redevelopment.

It’s about 4.5 kilometres from central Geelong. Knight Frank’s Tom Ryan and Tim Grant brokered the off-market deal for 6 Thompson Road.

Read our Focus feature on Geelong, here.

In January Leaf Corp acquired the ex-Target HQ (highlighted, red). This week it has purchased a 9275 square metre parcel (highlighted, orange) from the neighbour.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.