Operators from a range of sectors have the once-in-a-lifetime opportunity to revitalise the historic 12-hectare Jack’s Magazine site in Maribyrnong.
Fitzroys is seeking Registrations of Interest on behalf of Working Heritage for the 19th Century ammunitions site from operators within industries including retail, education, tourism, hospitality, creative industries and accommodation, with lease terms of up to 65 years available.
Most of the 13 bluestone and brick buildings across the site were constructed between 1875 and 1878, and were used for gunpowder magazine and ammunitions storage.
They also include a loading dock shed, cordite store, and examining room and cooperage buildings, all positioned amongst tramways, tunnels and earth blast mounds throughout parklands.
The site is positioned between Flemington Racecourse and Highpoint Shopping Centre, just off the Maribyrnong River, and features a canal that can be reconnected to the waterway and adapted for future use.
Jack’s Magazine was overseen by the Department of Defence before being decommissioned in 1993, and was eventually given back to the State Government.
Rick Berry and Tom Fisher of Fitzroys are handling the Registrations of Interest campaign, running until Friday, 15 December.
Berry said an inner-city parcel of this character, history and size is an exclusive opportunity found nowhere else in Melbourne.
“Given the significance of this offering, we’ve come into this revitalisation campaign with a very open mind as to what can be achieved for the site in keeping with its heritage character.”
Multiple tenancies are possible, allowing the potential for an industry hub across the site to complement the growing dynamic of the area.
Berry said Maribyrnong is quickly becoming one of the west’s most sought after suburbs.
“Increasing gentrification over the past 10 years has seen Maribyrnong recognised as a vibrant, city-fringe locality.
“Significant population growth has occurred alongside improved utilisation of land and growing investment in transport and amenities, while its close proximity to the Footscray Town Centre and Victoria University presents further opportunities for potential operators at Jack’s Magazine.”
Investors and owner occupiers continue to fervently seek office opportunities throughout Melbourne’s city fringe, with a vacant two-level office building on busy Kings Way in South Melbourne the latest to change hands with a strong price tag.
Fitzroys agents Jordan Ceppi and David Bourke sold the 320 Kings Way property under the hammer for $1.22 million, at a building rate of $5,550 per sqm.
The site comprises the 220sqm freehold building with a well-presented and flexible office layout and on-site parking.
One investor couldn’t go past the asset, outbidding investors and owner occupiers at the competitive auction following a campaign that attracted more than 40 enquiries.
Bourke said the new owner will re-lease the property, looking to take advantage of strong demand and rising rents in the city fringe office market as tenants look beyond the CBD, which has a supply pipeline set to remain severely limited for some time.
“The property’s strategic inner-city location, with unrivalled exposure to Kings Way traffic and close to Albert Park, Domain Interchange and St Kilda Road, make this all-the-more an incredibly attractive opportunity for prospective tenants,” he said.
Bourke and Ceppi sold the property on behalf of the previous owner occupier.