FORGES STORE FETCHES HIGH PRICE

The Dimmeys & Forges store in Melbourne’s western suburb of Footscray has sold for a rumoured price of $16 million. Vinci Carbone director, Joseph Carbone negotiated the sale of the property on behalf of the vendors for an undisclosed price. But industry sources confirm the property has been for sale since April for around $16 million. It has been snapped up by local businessmen who will keep the Forges store in the short term, potentially up to 12 months or longer. The property which is located within the major retail activity centre of Footscray, covers over 9,000 m2 of land has 4 street frontages and is zoned Business 1. The land is comprised within eight different titles and is situated opposite Footscray Plaza Shopping Centre which includes a Coles Supermarket & K-Mart Department Store. The property has a total gross building area of over 7,000 sqm and also has a roof top car park. Joseph Carbone said Footscray has an enormous amount of potential being so close to the City and Docklands, there is scope with this property to develop a substantial mixed use development incorporating comprehensive retail and high density residential, subject to relevant council approvals. “Rarely do we see such a site of this size and proximity to the CBD come on to the market,” he added. Forges of Footscray managing director Doug Zappelli said he was hoping to integrate a smaller store of some 1,000 sqm into the redeveloped centre.