Thomastown Trash & Treasure Market site in Melbourne’s north has hit the market with a $22m price guide, opening the door to a major redevelopment of the 3.41ha holding.
One of Melbourne’s last great old-school market sites has been put up for sale, opening the door to a major redevelopment in Thomastown.
The sprawling 3.41ha site, home to the Thomastown Trash & Treasure Market since 1967, is being offered with a price guide of about $22m.
Located across 26 Wood St and 261 and 267-273 Settlement Rd, the listing has sparked questions about what comes next for the long-running market, which has operated on the site for decades and built a loyal following across Melbourne’s north.
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Originally opened in 1964 as the Reservoir Village Drive-In, the venue later evolved into the Trash & Treasure market, drawing crowds for second-hand goods, tools and bargain hunting.
The site sits at the heart of Thomastown’s shift from a dairy-farming settlement into a multicultural industrial hub shaped by postwar migration and a strong working-class base.
GrayJohnson director Matt Hoath said the scale, exposure and zoning of the land made it one of the most significant offerings in Melbourne’s north.
“The good sites are selling, and the good sites are generally close to other big box retailers and close to freeways, and this is a very good site,” Mr Hoath said.
The long-running Thomastown Trash & Treasure Market has operated on the site since 1967, becoming a well-known destination for second-hand goods and bargain hunting.
“It’s a state significant site, zoned Commercial 2, so there’s a wide range of uses, whether it be industrial, showroom or supermarket. You can even put a cinema on there.”
Mr Hoath said the size of the landholding was increasingly rare.
“It’s very hard to secure 3.4 hectares of land in the inner north,” he said.
He expects strong interest from developers targeting large-format retail and industrial projects.
“I think it will be a developer that builds large format retail and industrial units,” he said.
The 3.41ha Thomastown site spans 26 Wood St and 261 and 267-273 Settlement Rd, offering more than 255 metres of frontage near the M80 Ring Rd. Picture: NewsWire / Gaye Gerard
Despite the redevelopment potential, the market is not expected to close immediately.
“There is a lease in place, so the market will keep trading,” Mr Hoath said.
The site’s location near major retailers including Bunnings, Harvey Norman and JB Hi-Fi adds to its appeal for large-scale commercial projects.
It was also identified as part of a state-significant industrial area in 2025, opening the door to major redevelopment outcomes.
While the future use of the land remains uncertain, the combination of scale, zoning and location is expected to attract strong interest.
For locals, the sale signals a major turning point for a site that has long been part of the area’s identity.
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