A MULTI-NATIONAL company is one of three bidders for the iconic Fletcher Jones building, which could be sold early in the new year, according to its owner.
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Geelong businessman Ian Ballis said he was in talks with a multi-national company interested in purchasing the heritage-listed site.
Negotiations over the building were held as recently as two weeks ago and Mr Ballis foreshadowed a decision from the group by January 7.
Two other offers have so far been submitted for the building, which has been advertised on the market for $4.5 million.
“The offers came in before Christmas but they were conditional,” Mr Ballis said.
“There is a multi-national company looking at the site, they’re just looking at how high they can develop it.
“They’re our preferred option because they’ll work with the tenants.”
The building has three tenants, including the Fletcher Jones Market — formerly the Mill Market, which has a three-year lease on the site.
Mr Ballis said indications were that the third offer would incorporate the market into any planned development.
Asked what purpose the bidders had in mind for the 60-year-old building, Mr Ballis said the structure had potential for mixed business.
“What we’ve got from them is that they will develop the site within three years.
“If they drop off we will revisit the other two (interested parties).”
He said Warrnambool City Council was supportive of rezoning the building.
The recent collapse of Banksia Securities and the sale of his own financier Southern Financial Group had caused delays for Mr Ballis.
“Otherwise we could have had a decision before Christmas,” he said.
He said Southern Finance had maintained the asset on its books because it was nearly sold.
Meanwhile, Mr Ballis recently sold the Fletcher Jones Market business to his father Barry Ballis. Yesterday his father and new owner of the markets promised to help secure more stalls and arts.
Mill Markets, owned by Ian Ballis in Geelong, Daylesford and Ballarat, were placed in receivership earlier this year and sold to Geelong antiques dealer Mark Ward.
The Warrnambool Mill Market, which operated as separate company, was sold to Barry Ballis last week.
