An iconic Warrnambool landmark on the market has had a price reduction.
The former Fletcher Jones site at Flaxman Street was initially expected to fetch $5 million via an expressions of interest period in May.
However, that period was extended in July.
Wilson's Real Estate agent said there had been interest in the site from a number of parties.
However, the owner acknowledged there would need to be some work done at the site for any future endeavours, Lucas Wilson said.
He said some improvement works were under way.
The site, which spans 10,000-square-metres is now listed for $4.5 million.
Mr Wilson said there had been a number of inquiries in recent weeks.
One developer had been interested in using the site for a mix of accommodation and retail outlets.
Owner Dean Montgomery told The Standard in May he was selling the site to focus on 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."
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.
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