Refurbished former HQ of Lonely Planet travel guides set to change hands
Evolving from a 1920s wool store to the home of travel guide company Lonely Planet, this Footscray heritage building has been reborn with a sustainable lease on life and is on the market with a price guide of $30 million-plus.
The 5.5-star NABERS Energy rated mixed-use property at 90-96 Maribyrnong Street, about five kilometres north of Melbourne’s CBD, has undergone a recent internal refurbishment by the vendor, investment firm Planum Partners. This includes a modernisation of the floorplates, premium amenities and a new rooftop garden accessible by all tenants.
Lonely Planet – the publisher of travel books regarded as bibles pre-internet – spent about 16 years in the red-brick building and moved out in 2016, long before a bakery moved into the ground-floor space alongside a cafe at street level.
“This is a rare opportunity to acquire Footscray’s only refurbished premium office building, which benefits from secure leases with premium tenants,” says Daniel Wolman, Cushman & Wakefield’s international director and co-head of investment sales in Australia.
Blending historical charm with contemporary space across three levels, the “iconic landmark” offers 6562 square metres of net lettable space, the listing says.
The property – around half of which is vacant – has been redeveloped to the “highest commercial standard” to better suit modern tenants’ needs, with available first floor office space presenting upside.
Rustica Sourdough Bakery anchors the ground floor and is joined by Cafe Brew Studios, alongside major office occupiers Workspace 365 (CreativeCubes Co) and Cohealth Limited, with smaller tenant Oneos on level three.
Wolman is marketing the property alongside colleagues Oliver Hay and Leon Ma. They say the site presents exceptional immediate income now and in the future through rental reversion and uplift in a rapidly changing suburb.
“With Footscray undergoing significant transformation and becoming an increasingly important business hub, this property presents significant potential for both short and long-term capital growth,” Wolman says, adding: “It’s an exciting time for investors.”
Set prominently with a street frontage of 113 metres and prime signage opportunity, the 3244-square-metre site overlooks the newly built Maribyrnong River Bridge and the CBD. It has 72 undercover car parks, including tandem spots, and boasts a WALE of 2.39 years.
Such an opportunity in Footscray is rare, the agents say, noting it is the first premium office building in the suburb to be listed for sale in three years, with no immediate competition in the surrounding precinct.
Footscray – known for its rich history and diverse community – is undergoing infrastructure upgrades and is becoming a major commercial hub, with works underway including the $1.5 billion Footscray Public Hospital development, the Footscray Learning Precinct and the West Gate Tunnel Project – all of which are expected to further boost property values.
Already well connected by trains, trams and buses, the 94,000 residents in Footscray have benefited from the Melbourne Metro upgrades, with Arden Station in North Melbourne connecting to Footscray Station.
Since vacating the building, Lonely Planet – founded in Australia in 1973 – has evolved beyond its roots as a guidebook publisher to offer digital content, curated itineraries and bookable travel experiences.
The property is for sale via an international expressions-of-interest campaign, closing at 2pm on Wednesday, April 29.
