Tobacco giant Philip Morris recently sold its former manufacturing site ahead of relocating its Australian headquarters to Melbourne’s South Wharf later this year.
The company stopped manufacturing cigarettes at the 6.27-hectare site in Moorabbin in 2014, when it transferred all production to its Korean factory. The factory and administration buildings, which have been the group’s Australian headquarters for more than 60 years, was sold for an undisclosed amount. Market sources said Philip Morris was seeking more than A$20 million (US$14.5 million) for the property, with the final price above expectations. Up Property plans to refurbish some of the old buildings and turn the site into a business park with new structures.