Wesfarmers retail chain Target has sold its North Geelong headquarters of more than four decades for $10.6 million, with vacant possession.
The 3.8 hectare site is now mooted to be replaced with a residential village after being acquired by Melbourne-based developer Leaf Corporation.
The asset was quoted with a guide price of about $10 million when it hit the market three months ago.
Knight Frank fielded more than 150 enquiries for Target which received 11 offers throughout the campaign.
Currently gazetted Industrial 1, the land is mooted for a rezoning to Mixed Use – a move which would make it appropriate also for residential, commercial, retail or aged care redevelopment.
About 4.5 kilometres from central Geelong, 12-14 Thompson Road includes a 13,233 square metre office – until recently home to more than 900 staff.
As such, investors and owner occupiers were also expected to show an interest.
Leaf Corporation director Adam Rogers said he was excited to deliver what is expected to be one of Geelong’s most substantial projects.
“The City of Greater Geelong is one of the most progressive councils we have worked with,” Mr Rogers said. “We are looking forward to partnering and delivering a great outcome with all the relevant stakeholders in the rejuvenation of the precinct”.
The property falls within the Geelong Sale Yard Precinct, a 25-hectare area which the local council has earmarked for what the marketing agents call “a wide variety of development”.
The land was promoted for its potential to make way for townhouses or a low-rise apartment complex, about 19 metres high.
Tim Grant, Tom Ryan, Gab Pascuzzi and Danny Clark represented Target, which is relocating to a new office at 111 Overton Road, Williams Landing, about 19 kilometres south-west of the Melbourne CBD (pictured, right).
Elsewhere in Geelong, Ford in September listed for sale its long-time engine manufacturing plant.
Near Avalon Airport, which is actually in Lara, in north-east Geelong, Cotton On recently partnered with property and logistics company Linfox to develop a 35,000 sqm automated distribution and fulfilment centre, worth about $40 million.
Cotton On was founded in Geelong in 1991 by businessman Neil Austin.