Wesfarmers to sell Target’s North Geelong HQ with vacant possession
Geelong is set to lose one of its highest-profile corporate occupants in December.
Wesfarmers has listed for sale the Target headquarters in North Geelong with vacant possession – ending an era of more than four decades in the regional town.
The asset (pictured top and bottom) is expected to sell for about $10 million following an expressions of interest campaign being managed by Knight Frank’s Tim Grant, Tom Ryan, Gab Pascuzzi and Danny Clark.
Surrounded by residential, retail, industrial and aged care property, the strategic site is earmarked to be rezoned Mixed Use.
Covering 3.8 hectares at 12-14 Thompsons Road, it includes a 13,223 square metre office and large open-air car park.
It is about 4.5 kilometres from the central Geelong, a kilometre from the North Geelong train station, and close to the Princes Highway and Geelong Road.
The North Geelong listing comes seventeen months after Target pre-committed to a new building (artist’s impression top, left) in the western Melbourne suburb of Williams Landing, which is nearing completion.
The developer of Target’s next head office, Cedar Woods, sold the eight-level, 12,860 sqm building shortly after it secured the pre-commitment.
Cedar Woods reaped $58.2 million from the sale of 111 Overton Road, Williams Landing, to another ASX-listed group, Centuria, which will hold it in its Metropolitan REIT.
Last month we reported that Ford Australia was selling two high-profile factories in Geelong, as well as its Campbellfield plant, in Melbourne’s north. The car marker is expected to reap a total of more than $75 million from these disposals.
