Originally established in 1948 by the famed businessman Fletcher Jones, the 2.22-hectare site has since become a treasured landmark and community hub for the people of Warrnambool.
The property at 61-77 Flaxman Street and 16E and 18E Lava Street – also with frontage to Raglan Parade – is now being taken to the market via an Expressions of Interest campaign being run by Nathan Edgar and Thomas Dodd of Knight Frank in conjunction with Mark Wilson and Lucas Wilson of Wilsons.
The price expectation for the property, which includes a mixture of warehouse and office space, with heritage-listed manicured gardens and two leased residential dwellings, is $5.5 million-plus.
The site is being sold by Dean Montgomery, who purchased the site a decade ago and has invested in restoring it but will now sell it to focus on other projects.
Mr Edgar said that while the property was currently zoned Industrial, a hangover from its previous factory use, it now seems ‘mixed use’ is the most likely path forward, depending on the vision of successful purchaser.
“This property represents a slice of Warrnambool’s cultural and industrial history,” he said.
“The gardens, coupled with the ‘Silver Ball’ water tower, attract a mix of clients, customers and tourists, with many also accessing the diverse seven-day Community Market and active business precinct.
“When coupled with the potential motor museum, the property currently returns $350,000-plus in rent per annum with power to add.
“The development possibilities for the site are endless, with the potential for multi-level and uses including commercial, residential, health and aged care.”
Lucas Wilson said the property had many attributes that would attract investors including its substantial land holding, current income and potential for future development, as well as its location.
“The Fletcher Jones site is just minutes from the Warrnambool CBD, a city serving as a regional centre for the surrounding areas and enjoying a strategic location along the major transport routes of the region.
“The commercial property market in Warrnambool is driven by several factors, including the city’s growing population, its strategic location as a transport hub and its status as a regional economic centre.
“The Warrnambool commercial property market has seen steady growth in recent years, with increasing demand from both local and national businesses.
“This growth has been supported by several infrastructure and development projects in the region, including the expansion of the Port of Warrnambool and the upgrade of the city’s transport infrastructure.”
The Expressions of Interest campaign for the property will close at 3pm (AEST) on Thursday, June 15.
Related Articles
