Former AFL star pays $190m for Cranbourne Golf Course
Former Carlton football star Fraser Brown has scored a deal to buy the Cranbourne Golf Course in Melbourne’s south-east for about $190 million.
The 70.4-hectare site, the home of Melbourne’s first Jewish-owned golf club, was put up for sale in February after it had been rezoned as a residential estate that could support between 1000 and 1500 dwellings.
Competition from a wide pool of developers resulted in offers significantly higher than the $150 million-plus price guide. The original 300-hectare site was purchased for just £20,000 in 1954.
Well-placed sources confirmed the successful bid from Brown Property Group was about $190 million. Mr Brown could not be reached for comment.
The Victorian government, which wants more new housing built in established suburbs, is encouraging the redevelopment of more golf courses, after publishing guidelines on how clubs can prepare a development proposal.
In March, veteran developer Nigel Satterley acquired the former Kingswood Golf Course site in Dingley Village from AustralianSuper for $220 million with plans to build about 800 homes.
His Brown Property Group will be able to draw on its previous success in redeveloping the nearby Amstel Golf Club into a housing estate, after purchasing that site for $40 million in 2015.
“The Cranbourne Golf Club is an outstanding opportunity for Brown Property Group to create a new benchmark in golf course redevelopment,” BPG chief operating officer Ryan Pritchard said.
“After the success of our Canopy estate, the former Amstel Golf Club at Cranbourne, we are best placed to create another iconic master planned community in the City of Casey.”
Cranbourne Country Club confirmed the sale to members in an email overnight.
Proceeds of the sale will be funnelled into Jewish community projects, and members will be able to transfer to the Huntingdale Golf Club in Oakleigh after a $120 million merger struck in 2022.
The Cranbourne Country Club will continue to operate until mid-2026, when settlement is set to occur, paving the way for Brown Property Group to develop a circa-$1 billion housing estate.
The property, which is already rezoned for residential development, includes more than 1.7 kilometres of dual road frontage onto Glasscocks Road and Huon Park Road. It lies within the City of Casey, one of Melbourne’s fastest-growing municipalities with a population anticipated to grow to about 540,000 by 2041.
“Whilst there is sadness in the closure of the Cranbourne Golf Club, we look forward to the opportunity to assist so many in need within our community,” Mr Wein said.
