Buyers on Target early for North Geelong head office site

INTEREST from buyers in Target’s North Geelong head office has exceeded expectations in the first week of the campaign.

Knight Frank agent Tim Grant said the positive start to the expressions of interest campaign which runs to December 6 included a number of parties booking inspections of the 3.77ha property at 12-14 Thompson Rd, North Geelong.

While the property is being marketed as a strategic landholding with a development upside, several buyers were looking to use the existing 12,223sq m building.

Target will vacate the site in the first week of December as it relocates to a new head office at Williams Landing.

Mr Grant said price hopes were above $10 million.

“We’ve had a couple of groups that have looked at it that would be interested in keeping or using the existing improvements on there because it’s obviously a sizeable parcel of land with a lot of office space,” Mr Grant said

“We’ve also had a number of groups that have looked at it purely on a redevelopment basis. That would mean they would probably end up using the improvements for a period of time to generate a short-term income subject to the rezone going through.”

The property is surrounded by a mix of residential, aged care, retail and industrial land and has been highlighted for a mixed use rezone.

“At this stage its probably exceeded our expectations. That could be a reflection that it’s the first week of the campaign,” Mr Grant said.

“There’s been a lot of interest from people who are based in the Geelong area. I suspect they’ve seen it and jumped on it straight away. We’ve had a number of inspections already.”