CEDAR WOODS CONFIRMS TARGET HQ RELOCATION PROJECT

Cedar Woods is proud to announce that Target Australia has confirmed it will move its
national headquarters to Williams Landing, its masterplanned development in western
Melbourne.
Target has signed a 10-year agreement for lease with Cedar Woods for a 12,600 square
metre office building over eight levels. The building will cater for 850 employees and will be
located in a prominent position 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.
Developed by Cedar Woods, Williams Landing is located at the gateway to the booming
Melbourne western corridor. The development is designated as a Priority Development Zone
by the Victorian Government. It is within a convenient distance of the Melbourne CBD,
Geelong and the western suburbs, making it an easy commute for Target employees.
Cedar Woods Chief Operating Officer Nathan Blackburne says 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. We anticipate Target’s move will
stimulate interest from other leading businesses seeking to base themselves at Williams
Landing.” Mr Blackburne says.

An analysis prepared by economists MacroPlan Dimasi, shows that Williams Landing has
the potential to accommodate more than 13,000 jobs by 2031.

“From a business perspective, the town centre has many great attributes. It is adjacent to the
new train station and freeway interchange; it is affordable compared to city options; and it is
set in a town centre environment with shopping, café and restaurants,” says Mr Blackburne.
Target staff will have generous parking provisions and easy access to the Princes Freeway.
Public transport is well catered for, with the Williams Landing train station providing express
services to Melbourne’s CBD within 30 minutes.

“We look forward to other high-profile tenants joining Target Australia in choosing to base
themselves at Williams Landing. We are seeing a number of businesses recognise the
benefits of this new town centre,” Mr Blackburne says.

For further information:
Jacqueline McPherson, Communications Collective, 9988 2300 or 0423 434 011

Source:ASX Announcement /9/5/17