Hundreds of jobs are moving to ‘The Dream Factory’ in Footscray as Melbourne’s first major social and tech start-up opens in an iconic former wool store.
The refurbished 1920s building overlooking the Maribyrnong River has been operating as the global head office of travel book publisher Lonely Planet Publications, which will vacate it in coming months.
The new hub was officially launched by new building owners Impact Investment Group on Tuesday as a home to businesses and not-for-profit organisations focused on design, technology and social change.
The anchor tenants include collaborative co-working space Inspire9.
Other tenants will include Engineers Without Borders Australia and teachers’ associations including the School Libraries Association of Victoria and the Design and Technology Teachers’ Association.
More than 550 jobs will relocate to the building by next January. About 1600 square metres of the 7300 square metres of office space still up for grabs is expected to be taken up in coming months.
The four-storey former woolshed was bought by IIG last year for $13.5 million.
It will feature Australia’s first Tesla industrial batteries, which will store solar energy from the building’s roof, which will soon be covered by one of the largest rooftop photovoltaic solar systems in Australia.
The system is expected to provide up to 70 per cent of the building’s energy needs.
IIG chief executive Chris Lock said he is confident the premises will be fully tenanted within months.
“There is no doubt that our environmental and social agenda has driven the strong tenant demand to The Dream Factory, in an otherwise weak leasing market.
“We are extremely proud of this particular property and its iconic transformation. We feel it’s a bold representation of our investment mandate to deliver strong commercial returns with tangible social and environmental outcomes.”
Victoria’s Small Business, Innovation and Trade Minister Philip Dalidakis said the new venture strengthened the state’s reputation as the place to do business.
“It’s great to see Victoria’s value for co- working spaces and incubators expanding beyond Melbourne’s CBD to support start-ups and social businesses in the west,” Mr Dalidakis said.
