Challenger to sell Jam Factory

Eleven months since announcing a $700 million revamp of South Yarra’s iconic Jam Factory, the James Packer backed Challenger group has put it up for sale.

The vendor can expect c$110m.

The prominent Chapel Street property occupies a 1.9 hectare block and contains a 20,155 square metre centre, two levels of offices and 990 car parks.

Last year, the owner proposed a redevelopment which would have seen the prominent red brick warehouse replaced with taller offices and apartment buildings, a hotel, and more than twice the number of shops.

However plans were never lodged with council.

Jones Lang LaSalle’s David Bowden and Simon Rooney are marketing it now for Challenger.

Across the road from the Jam Factory earlier this week, the Association of Independent Schools of Victoria sold its outgoing head office at 20 Garden Street for $3.6m (it recently outlaid $5.8m for an art deco replacement in West Melbourne).

The Jam Factory listing comes months after Challenger’s Hybrid Property Fund offered its 1940s art deco Rivoli Camberwell with c$20m price hopes.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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