It is currently operated by a not-for-profit group for the purpose of providing the people of Melbourne with a means of experiencing nineteenth century sailing and the city's history.

Planning of a replica began in 1989 and construction commenced in 1991, with the keel laid at the Melbourne Maritime Museum.

[1] It was used as a cargo vessel till 1835, after which it was purchased by John Pascoe Fawkner to carry a settlement party to the future site of Melbourne.

After the settlement, the ship was then used as a trading vessel till 1847, when it was wrecked on the shoal of the Richmond River in northern New South Wales.

[1] The replica Enterprize operates both short and long sails for the public, and for school and private groups.