Not-for-profit charitable fund, The Jacka Foundation for Natural Therapies, has engaged Colliers to offer for sale 25 – 37 Victoria Street, Fitzroy, with price expectations of around $20 million.
Colliers Investment Services team Matt Stagg, Ryan Milivojac, Ben Baines and Yvonne Zhou are running the sales and marketing campaign, with Transaction Manager Peter Smyth from Untitled Property representing The Jacka Foundation.
The Jacka Foundation was founded by Naturopathic pioneers Alf and Judy Jacka who acquired the building at 25 - 37 Victoria Street, Fitzroy in 1996. The iconic two and three-level, warehouse-style building comprises a gross building area of 3,714 square metres (approx). The underlying land area is 1,506 square metres (approx) with an extensive 55.80 metre (approx) frontage to Victoria Street. There is also excellent rear laneway access plus eight car parks.
The building benefits from classic architectural features including a stunning façade, high ceilings, arch windows and abundant natural light from two sides. There is also a rooftop terrace with panoramic views across Fitzroy through to the Melbourne CBD skyline.
It is currently leased to Southern School of Natural Therapies and provides a short-term holding income of $988,536 per annum (approx) through to February 2025 at which time vacant possession will become available.
The property benefits from mixed-use zoning enabling a variety of future investment and development outcomes to be explored including commercial, education, residential, hotel and hospitality use (Subject to planning and council approval).
Colliers Melbourne City Sales Manager Ryan Milivojac said: “It’s not often that a property of this calibre is taken to market, let alone in a premium city fringe suburb with improvements, income, and potential like 25 - 37 Victoria Street has.”
Sitting within one of Melbourne’s premier city fringe suburbs, the substantial landholding is likely to be a target for local developers either already established within the precinct or looking to enter the suburb.
Fitzroy has long been known for its robust residential development market, with the ability to incorporate existing heritage structures into new developments. The property is positioned within close proximity of the intersection of vibrant Johnston and Brunswick streets hospitality and lifestyle precinct, accessing renowned addresses such as Mile End Bagels, Naked for Satan, Stagger Lee’s Fitzroy coffee shop, Alimentari and Marios amongst other local favourites.
Colliers Head of Investment Services Victoria, Matt Stagg added: “This storied building is set to embark on its next journey, and we anticipate that 25 - 37 Victoria Street, Fitzroy is sure to attract strong interest from a wide range of buyers including investors, owner-occupiers and developers seeking to secure their future position in Fitzroy.”
