The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
ResidentialStaff WriterTue 02 Sep 14

Chinese Investor Makes Play For Moonee Ponds

J

A Chinese investor has capitalised on the development potential of a prominent sports club in Moonee Ponds, purchasing the three-storey Junction Club for $10.7 million.

CBRE’s Justin Clarkson and Scott Callow marketed the 740 Mt Alexander Road property on behalf of private syndicate United Investment Management, sourcing the offshore buyer post-campaign.

Located approximately 7 kilometres from the Melbourne CBD, the high profile club features a public bar, bistro, TAB gaming area, 80 gaming machines, office space and a 29-space capacity car park.

The property is currently majority leased by Harness Racing Victoria, which has occupied the building for several years. 

Mr Clarkson said the property’s close proximity to the Moonee Valley Racecourse and the potential for high rise residential development in the future were both key selling features.

“With the Moonee Valley Racecourse redevelopment located across the road, the Junction Club is in a prime spot to capitalise on the increased patronage generated from this significant urban renewal project,” Mr Clarkson said.

“Under the Moonee Valley Structure Plan, the site has potential for high rise residential development in the future - providing confidence in the underlying value of the property, which is underpinned by the secure leases currently in place.”

Mr Callow said the facility represented an attractive investment opportunity.

“Harness Racing Victoria has operated a highly successful gaming venue from the property for several years, which was a major drawcard for the successful buyer who was looking to acquire a secure investment,” Mr Callow said.

The Moonee Valley Racecourse development is a major mixed use project that will combine approximately 2,000 medium to high density residential dwellings with a diverse commercial and recreational centre. The project will also see the Moonee Valley Racecourse undergo a major revamp to improve its facilities and unlock the surrounding area’s wider potential.

“Once this development is complete, Moonee Ponds will be home to a diverse population, supported by a range of quality community facilities and infrastructure – all of which the Junction Club will benefit from,” Mr Clarkson said.

ResidentialOfficeInfrastructureAustraliaReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
Income growth and price dips have done little to improve the situation, according to fresh data from the Urban Land Inst…
LATEST
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/chinese-investor-makes-play-moonee-ponds