A landmark building in Melbourne’s Fitzroy has come to market for the first time in three decades.
The Jacka Foundation for Natural Therapies not-for-profit charitable fund is selling its asset, Jaka House, at 25–37 Victoria Street, via an expressions-of-interest campaign being run by Colliers.
The campaign closes May 16 and has price expectations of around $20 million.
The Jacka Foundation was founded by naturopathic pioneers the late Alf and Judy Jacka, who acquired the building in 1996.
Alfred, with support from Maurice Blackmore, founder of Blackmores, established the Southern School of Natural Therapies in 1961.
The school still leases the building, which provides a short-term holding income of $988,536 a year through to February 2025 after which time vacant possession will become available.
The two and three-level warehouse-style building comprises a gross building area of 3714sq m on a 1506sq m site with a 55m frontage to Victoria Street.
It also has rear laneway access and eight carparks.
The building’s architectural features including a stunning facade, high ceilings, arch windows and abundant natural light from two sides, according to Colliers.
There is also a rooftop terrace with views across Fitzroy to the Melbourne CBD skyline.
Colliers Investment Services team Matt Stagg, Ryan Milivojac, Ben Baines and Yvonne Zhou are running the campaign while Peter Smyth, transaction manager with Untitled Property, is representing The Jacka Foundation.
The property holds mixed-use zoning, enabling a variety of future investment and development possibilities, including commercial, education, residential, hotel and hospitality.
Meanwhile, 25km west of Melbourne’s CBD at Tarneit, a 2.47ha infill site is on the block.
The site at 840 Sayers Road holds permit approval for 36 lots and three super lots, and is next to Oreana Group’s The Village commercial development, which will comprise a service station, fast food outlets and speciality retailers.
With price expectations above $8.5 million, the holding is being sold by an expressions-of-interest campaign ending May 8 and conducted by Savills Australia and New Zealand.
Savills’ James Latos said that according to CoreLogic, Melbourne’s median house price peaked in March, 2022 and has dropped nearly 10 per cent since.
“Conversely, over the same period, Tarneit’s median price has risen by 5 per cent, which is testament to the resilience of Melbourne’s Western Growth Corridor buoyed by increasing population and significant investment in infrastructure upgrades,” Latos said.
Several infrastructure projects are under way in Tarneit and surrounding suburbs, including the Western Freeway and Outer Metropolitan Ring Road, as well as major shopping and retail outlets.
“Tarneit is of the Victoria’s fastest-growing and most active development areas,” Savills Australia and New Zealand state director Julian Heatherich said.
“This significant infill site offers ... the flexibility to deliver a mixed-use project within a major growth corridor and capitalise on the significant housing shortage and rising house prices in this location,” he said.
