Industrial developer Pelligra Group has acquired Ford’s former manufacturing sites in Geelong and Broadmeadows, committing an initial $500 million for the “urban renewal” of the sites.
Ford has sold the expansive sites to Pelligra, renamed Fortek Geelong and Assembly Broadmeadows, but will retain its research, design and engineering facilities.
In a statement, the motoring giant said Pelligra was the preferred purchaser because of its “appreciation for the significance of the sites’ histories to the local communities”.
The developer said it will subdivide the sites and retrofit the more than 265,000sq m of factory floor to accommodate new manufacturing and innovative technology tenants.
Both Ford and Pelligra declined to comment on the deal. The combined site area of 100-hectares is estimated to be worth at least $70 million, according to industry sources.
Pelligra chairman Ross Pelligra said that he expects the first manufacturing tenants to take up space within the year.
“Our intention with Fortek Geelong and Assembly Broadmeadows is the same — we are committed to ultimately delivering 4,000 to 5,000 jobs in the next 5-10 years.”
Ford closed its Geelong and Broadmeadows factories in 2016, ending more than 90 years of car manufacturing for the brand in Australia.
Ford chief executive Kay Hart said that, along with its research and engineering sites, the company will retain Yangs Proving Ground at Lara.
“Ford will invest more than $500 million in 2019 into research and development in Australia, directly supporting its product development operations in Geelong, Lara and Broadmeadows,” Hart said.
CBRE brokered the sale for Ford.
