Footscray warehouse conversion set to welcome ‘tech geeks’ and ‘trendies’
A tri-level Footscray warehouse, once part of the Docklands Cotton Mills, is in the market for a new owner, as “trendies” and “tech geeks” swarm into Melbourne’s west.
The building at 106 Maribyrnong St is listed with a price guide of $2-$2.2 million, having last sold in April 2018 for $1.7 million.
In its current state, the light-soaked warehouse contains a cafe on the ground floor, offices on the first floor and a New York-style apartment above, with the entire roof operating as a terrace offering river and city views.
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Professionals Whiting agent Marcus Peters said properties like this were evidence “the west has become the best,” with local icon Franco Cozzo among the first to view the building.
Formerly the headquarters of Lonely Planet, the attached Docklands Cotton Mills was recently reborn as the Dream Factory, a co-working tech-hub.
“It’s a part of the frontier land — you’ll come back in about five years’ time and say, ‘I’m glad I bought in the west’,” Mr Peters said.
“You’ve got to have the faith that the west is going to develop, with the trendies that are moving out there.
“It seems to be happening a lot more in the west — the underlying fact is that the retail spaces for cafes and bars is a lot cheaper.”
Mr Peters said the property was suited to mixed-use as a home and business, or a collaborative space in the style of the nearby Dream Factory.
“It might be tech geeks, project managers or those in the financial space,” he said.
“You’re seeing a younger, more gentrified and worldly market — they just gravitate to that part of Melbourne.
“They find South Yarra — too many gold chains and just a bit boring, whereas something like this, it’s a bit edgy and worldly.”
Mr Peters said he was confident the August 17 auction was the right approach.
“When you’ve got something that’s a bit oddball, you often find auctions are the best way of producing a result,” he said.
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