This article is from the Australian Property Journal archive
NOT-for-profit the Jacka Foundation for Natural Therapies has lobbed its long-term inner Melbourne home to the market, with around $20 million expected for the historical multi-level building.
The Jacka Foundation was founded by naturopathic pioneers Alf and Judy Jacka who acquired the building at 25-37 Victoria Street, Fitzroy in 1996, from where they had operated their Southern School of Natural Therapies that had been established 35 years earlier. They sold the school in 2010 and at the same put the building’s ownership into a trust.
The two and three-level, warehouse-style building has 3,714 sqm of gross building area, on underlying land of 1,506 sqm with nearly 56 metres of frontage to Victoria Street. There is also rear laneway access plus eight car parks.
Built in 1880 for the Acma Shirt Company, the building retains some architectural features including 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.
Its lease to the Southern School of Natural Therapies provides a holding income of $988,536 per annum through to February 2025, when vacant possession will become available.
Colliers’ Matt Stagg, Ryan Milivojac, Ben Baines and Yvonne Zhou are running the sale and marketing campaign, with transaction manager Peter Smyth from Untitled Property representing The Jacka Foundation.
“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,” Stagg said.
The property’s mixed-use zoning allows for a variety of future investment and development outcomes to be explored including commercial, education, residential, hotel and hospitality use.
The property is positioned close to the intersection of Johnston and Brunswick streets, in a hospitality and lifestyle precinct with renowned addresses such as Mile End Bagels, Naked for Satan, Stagger Lee’s Fitzroy coffee shop, Alimentari and Marios amongst other local favourites.
