Forges of Footscray to close, sell

Melbourne’s Forges of Footscray will close and the hectare land parcel it occupies abutting Nicholson Street Mall, sold.

The disposal is part of a strategy to open smaller 1,000 square metre shops in greater number of areas.

Last year the group sold the Dimmeys Richmond site to developer Joel Freeman for $16.5 million.

The retailer is expected to occupy a small piece of what is expected to be a major apartment redevelopment.

Vinci Carbone’s Frank Vinci and Joseph Carbone are marketing the Footscray properties, which spread over Paisley, Albert and French streets and include structures and land used for car parks.

The portfolio is expected to sell for c$15 million and eventually be developed as a bigger retail investment possibly with residential.

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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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