Former Fletcher Jones site expected to fetch $5 million

Dean Montgomery purchased the site 10 years ago and has invested a significant amount of money into restoring it.

He told The Standard on Monday he was selling it to focus on other projects.

"It will probably go on the market at the end of next week," Mr Montgomery said.

"I've had it for nearly 10 years now and I've got too many projects on the go at once.

"I want to focus on some of the other projects."

Mr Montgomery said he was pleased he had been able to play a part in restoring the iconic site.

"I've spent a lot of time and energy on the site," he said.

"I met some wonderful people, including the Jones family.

"It's time to pass the baton on to someone else who can finish it and put their own stamp on it."

Mr Montgomery said he believed the site would be listed for about $5 million.

When asked what he believed the site could be used for, he said it would suit a number of operations.

"It would be a great place to move the Warrnambool Art Gallery to but everybody will have their own ideas - I'll leave it to people's imaginations," Mr Montgomery said.

He said he wasn't sure about the future of the Warrnambool Motor Museum.

"I'll try and sign a lease with the new owner to keep my cars there, so I'll have to see what happens," Mr Montgomery said.

The site sold for more than $1 million back in 2014.

The iconic building will be sold by expressions of interest from next week.

Wilsons Warrnambool and District Real Estate director Lucas Wilson said it would require someone with a bit of imagination to purchase the site as opposed to your standard commercial developer or investor.

"Dean's taken it a long way from where it was when he bought it. It's ready for the next person to see it in the next phase," Mr Wilson said.

"There's a good business centre in there now with leases in place. There's some works that do need to be done."

He said the rest of the site had scope to be turned into residential or retirement living or more commercial uses with a cafe, while also maintaining the heritage parts of the site such as the ball and gardens.

"With our residential accommodation shortage at the moment, that could be such a good location there and a big area. That would be for the next buyer to look at all the options," Mr Wilson said.

"It's such an iconic site for Warrnambool.

"It's definitely a fantastic opportunity for someone."

Mr Wilson said the idea of it being used for a new art gallery for the city should be looked at.

He said Mr Montgomery had saved the site when he purchased it back in 2014. The Standard reported that it had been sold for more than $1 million.

Mr Wilson said a lot of money had been spent on the site since then.

Wilsons are selling it in conjunction with Knight Frank.

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