The former Fletcher Jones factory in Warrnambool has hit the market, with an expected price tag of more than $5.5 million.

The factory, with its distinctive rooftop steel ball-shaped tank, has been a landmark in the town for more than a generation.

Clothing manufacturer and retailer Fletcher Jones at one time employed almost 3000 workers in four factories and boasted 33 stores across Australia.

Entrepreneur Fletcher Jones first purchased a menswear store in Warrnambool in 1924 and developed a company that specialised in bringing high-quality, tailor-made trousers and skirts for the masses.

He established the Warrnambool factory on the 2.2-hectare site in 1948. It was extensively renewed with gardens and became a much-visited tourist attraction.

The factory was a major Warrnambool employer and regarded as one of the most innovative work structures in Australian manufacturing in its day.

However, changing fashion trends, an outdated product line and in influx of overseas imports saw the company fall on hard times, and it was sold to clothing manufacturer Pelaco in 1990. The factory closed in 2005, but its gardens remain a major tourist drawcard.

While the Fletcher Jones brand can still be seen today, it is no longer affiliated with the family. It was relaunched as online-only business in 2012 by the Melbourne based Gowty family and later opened a store at 447 Collins Street.

The factory site – at 61-77 Flaxman Street and 16E and 18E Lava Street – was purchased by local developer Dean Montgomery for more than $1 million a decade ago.