Target’s former head office at 12-14 Thompson Rd, North Geelong is selling, with a quoted range around $10 million.
INTEREST from buyers in Target’s North Geelong head office has exceeded expectations in the first week of the sales 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.
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Target’s former head office occupies a 3.77ha site opposite a residential development on the Geelong Golf Club.
While the property is being marketed as a strategic landholding with a development upside, several parties are looking to use the existing 12,223sq m office 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 for the property are above $10 million.
“We’ve had a couple of groups that have looked it that would be interesting 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.
Target’s former head office is in a prime location close to central Geelong.
The retailer is relocating its head office to Williams Landing in December, but several buyers are looking at using the existing office space.
“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.
The Geelong Advertiser revealed in August that Target had identified medium-density housing or smaller scale offices as suitable uses for the property, which is opposite the Geelong Golf Club Residential Estate and neighbours the old Geelong Saleyards site, where City of Greater Geelong has indicated it wants to pursue a mixed residential development that includes heritage elements of the livestock exchange.
“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 has 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.”
“There’s a lot of positivity (in Geelong) there’s a lot of good positive stories coming out about upgrades to infrastructure and all that kind of stuff.”