Target HQ for sale
After 92 years in Geelong, head office sale to cut retail giant’s ties
TARGET’S departure from Geelong is almost complete, with the company putting its North Geelong head office on the market.
An Expressions of Interest campaign has begun for the Thompson Rd property, which is expected to reap bids of more than $10 million.
Target’s founders opened the first store in Geelong 92 years ago.
TARGET’S departure from Geelong will soon be official, with its Thompson Rd head office now for sale.
An Expressions of Interest campaign has begun for the North Geelong property, which is expected to reap bids over $10 million.
The 3.77 hectare land holding, which hosts more than 13,000 square metres of floor space, will be vacated by Target by the end of the year.
The department store company is planning to move into its new purpose-built high-rise headquarters in Williams Landing in December.
Submissions on Target’s long-held site are being received by selling agent Knight Frank until November 22.
The Geelong Advertiser revealed in August that Target had identified medium-density housing or smaller scale offices as suitable for the property.
The process follows the path chosen by US automaker Ford, which opened expressions of interest on its manufacturing sites in Geelong last month.
The famous Melbourne Rd site, the Casting Plant on Seabeach Pde and another property in Campbellfield are expected to fetch a combined total of more than $75 million.
The potential sales comes as the City of Greater Geelong pursues a precinct plan for the changing North Geelong area.
It has given broadbrush ap- proval to pursue housing, small retail outlets, open space and some heritage elements on the former Geelong Saleyards site.
Target has signed a 10-year lease on the new $37 million eight-level office building in Williams Landing.
Its move brings to a close a 92-year history in Geelong.
Target boss Guy Russo has previously stated that operating the company’s national headquarters in a regional location was impacting on its ongoing profitability.