Target confirms new HQ location
Discount department chain, Target Australia has confirmed it is moving its national HQ to Williams Landing in west Melbourne after signing a 10-year lease with property firm Cedar Woods.
The agreement is for a 12,600 square metre office building over eight levels and will cater for 850 employees in the building located adjacent to Williams Landing train station.
The building will be constructed by Hacer Group at a cost of $37 million plus GST, with construction scheduled to be underway next month and completion expected by the end of 2018.
The suburb is located at the gateway to the booming Melbourne western corridor and the development is designated as a Priority Development Zone by the Victorian Government.
Last year, Wesfarmers department stores division chief, Guy Russo, informed staff of the move from its Geelong headquarters.
“To ensure Target is profitable and sustainable, some hard decisions have had to be made and we will be restructuring the team to support the future success of the business,” Russo said at the time.
Cedar Woods Chief Operating Officer Nathan Blackburne said Target’s move to Williams Landing represents a stimulus to Melbourne’s growing western corridor.
“Target’s move to Williams Landing signifies the increasing breadth and depth of economic activity occurring in Melbourne’s western growth corridor and reinforces Williams Landing’s appeal as an attractive and growing commercial centre.”
Analysis prepared by economists MacroPlan Dimasi, shows that Williams Landing has the potential to accommodate over 13,000 jobs by 2031.
Meanwhile, Cedar Woods has listed the building that Target will occupy for sale by international expression of interest campaign closing in June of this year. The listing via CBRE, says the property will be sold “subject to a new, 10 year lease to Target”.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
Inside Retail Polls
Inside Retail Directory
Resentment toward the ‘negotiation’ of retail lease renewals by tenants has been simmering for a long period of time https://t.co/uq276nD9I84 hours ago