This article is from the Australian Property Journal archive
CRANBOURNE Golf Course has sold for around $190 million to former AFL player Fraser Brown’s Brown Property Group, with the sale price far exceeding initial expectations of $150 million.
Melbourne’s first Jewish-owned golf club spans 70.42-hectares and was recently rezoned General Residential Zone (GRZ1) across three titles, making it one of the country’s most significant infill residential development sites offered for sale in the last 10 years.
Cranbourne Golf Course was established in 1954 and is now earmarked to be developed into a circa $1 billion housing estate.
Located at 750 Glasscocks Road in Cranbourne North, around 49km south-east of the CBD, the site is capable of delivering between c. 1,000-1,300 dwellings, with an indicative net developable area of around 53.08-hectares.
Peter Sagar, Paul Callanan and Darcy Tobin from LAWD managed the sale of the property, with a price guide in excess of $150 million.
The campaign saw more than 20 offers from local, national and international developers before the successful bid of around $190 million.
Brown Property Group previously purchased Amstel Golf Club for $40 million in 2015, before redeveloping the site into a housing estate, the 50-hectare Canopy at Amstel.
Golf courses have continued to struggle in recent years, with club’s struggling to rebound after pandemic restrictions impacted businesses.
With The Sands Torquay resort and golf course recently being listed for sale by receivers and managers, after selling at a discount price of $12.8 million in 2021.
While in WA, changes to the planning scheme for Perth’s former Glen Iris Golf Course received conditional approval by the planning minister to enable the development of residential lots.
Nigel Satterley acquired an unused Melbourne golf course from AustralianSuper, with the super fund listing the site after plans to rezone the land and build hundreds of homes was stalled by the state government.
On the Gold Coast, developer 3Group was approved for its controversial proposal for a $150 million redevelopment of the 67-hectare former Arundel Hills Country Club.
