Geelong’s former Target HQ sells for $10.6 million to residential developer

12-14 Thomsons Road in North Geelong, has traded hands between Wesfarmers and residential developer Leaf Corp slightly above the guide price of $10 million.

The site was formerly used as the headquarters to retail chain Target, with over four decades of tenure. The company has recently relocated to 111 Overton Road, Williams Landing, about 19 km south-west of the Melbourne CBD.

Currently holding Industrial 1 zoning, Leaf Corp will attempt to rezone the land to Mixed Use – a move which would make it appropriate also for residential, commercial, retail or aged care redevelopment.

With 3.8-hectares of land to play with, the new owners have revealed intentions to develop a new residential village in its place.

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”.

Danny Clark, Tim Grant, Tom Ryan and Gab Pascuzzi from Knight Frank handled the successful campaign, which was marketed through Development Ready channels. Through the three-month campaign, the Knight Frank team generated more than 150 enquiries for the site and received 11 serious offers from hopeful purchasers.