The Carlton & United Breweries headquarters in Abbotsford, adjoining the brewery, is on the market and expected to fetch more than $15 million.
The curved, five-storey building, originally built for Kodak in 1928, is leased until 2017 to the brewer, which pays $2.2 million a year.
However, most CUB staff have moved out of the Abbotsford office at 2-6 Southampton Crescent to a building the company owns at 77 Southbank Boulevard, Southbank.
There was intense speculation the nine-hectare riverside brewery would close in 2011 after foreign brewer SABMiller took over CUB, then listed as Foster's. However, a CUB spokesman said there were no changes proposed for the Abbotsford brewery.
The building's owner, Perth-based investor, the Wyllie Group, is also selling a warehouse complex which industry sources suggest could sell for about $5 million. The properties are for sale separately or as a package.
Lot one on Southampton Crescent, which is now sublet, includes a warehouse at 36 Bond Street, which is being sold with vacant possession. The site covers 8199 square metres on two titles.
Lot two includes several interconnected warehouses covering 2839 square metres on a 2404-square metre site. It returns $516,286 a year.
The buildings were part of a portfolio sale and leaseback deal that was executed in 2007. Charter Hall and the Wyllie Group paid $41 million for 10 properties on two hectares surrounding the Abbotsford brewery.
The Wyllie Group, originally a joint venture partner in the purchase, paid $18.3 million to take control over the portfolio in 2009.
It is understood that some properties in the original portfolio have already been sold and these two buildings are the remaining assets.
The properties are being marketed by agents Dawkins Occhiuto and Vinci Carbone.
Dawkins Occhiuto agent Andrew Dawkins refused to be drawn on the estimated price the properties could fetch.
Mr Dawkins said the buildings are both zoned Industrial 1, a situation which could change if CUB shut the brewery.
Vinci Carbone agent Joseph Carbone said the area had been identified as a major activity centre which had delivered high-quality developments to Abbotsford.
The site is close to residential apartment developments built by Mario Salvo and Salta.
Abbotsford's gentrification from a gritty industrial suburb is well advanced and there are numerous apartment projects in the area.
The office building, fully sprinklered and with high ceilings and concrete floors, could be transformed by a developer into shells sold to small businesses and as studios. The warehouses could be strata-subdivided and sold to individual users.
