Diversified developer Leaf Corporation has revealed that Geelong-based Barwon Health has signed a 10-year lease for a 10,000sqm lease at 8 – 14 Thompson Road, North Geelong – the former Target headquarters.
The deal has seen Barwon Health and existing tenant Gateways cohabitate at the site, which is currently home to a 13,233sqm building and an on-grade carpark.
The healthcare operator will use the site for both office and ancillary services, while the backfilling of the existing building has underpinned a significant windfall for Leaf Corporation.
The deal was negotiated by Teska Carson.
Leaf Corporation acquired the site from Wesfarmers in 2019 for $10.6 million, and it was rezoned to Comprehensive Development Zone (CDZ) in 2023.
The developer also acquired the adjoining 9,281sqm site at 6a Thompson Road, to amalgamate a broader land holding.
Barwon Health shares a strong alignment with existing tenant Gateways, a community-focused organisation that empowers and supports children and adults who have a disability.
The incoming tenant was also drawn to the site’s proximity to Geelong, accessibility and existing amenities including a gym, café, community garden, state-of-the-art therapy and recreation facilities.
The site is also within walking distance of the North Geelong V-Line station, Princes Highway and Midland Highway, enabling ease of access for the incoming workforce.
Leaf Corporation is also planning on relaunching the remaining 2,600sqm of commercial space at 8- 14 Thompson Road in coming months, according to founder and managing director Adam Rogers.
“This site represents a strategic opportunity for growing businesses and complementary operators, particularly across the healthcare sector. We look forward to continuing to invest in this site, and in the Geelong market, as we grow our footprint across both the inner city and regional areas,” he said.
The deal provides the chance for two large-scale healthcare providers to come together in the one roof, improving outcomes for patients and staff alike, according to Adrian Boutsakis of Teska Carson.
“This transaction represents an exciting step forward for both Barwon Health and Gateways, providing strong synergy between two specialist healthcare providers who both benefit the local community enormously.
“As the demand for commercial floorspace continues to rise across Geelong as more businesses expand into the region or double down on their existing operations servicing the area, we expect to see more deals of this nature which bring similar complementary groups together in a co-located capacity,” he said.
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