Savills is delighted to announce the sale of the Southern Indoor Bowls Club property for $10,261,000, more than $1 million over the reserve price. The property, at 348-354 Hawthorn Road, Caulfield South comprises a substantial landholding of 2,295sq m with double street frontage occupied by a large building, previously the Camden Theatre, housing the bowls club.

Established in 1968, the well-known Southern Indoor Bowls Club has allowed people to play bowls year round for more than 50 years.

But technology and better grass management of outdoor bowls surfaces has rendered the once-popular sporting venue redundant. Declining membership in recent years has led the Club to sell the property so that funds can be distributed to other bowls clubs in the area.

Savills CBD & Metropolitan Sales agents Clinton Baxter, Nick Peden and Glenn Ye were appointed to sell the property, and generated bids from 8 separate developers, all attracted by its compelling size, Commercial 1 zoning, and development potential.

“We were literally “bowled over” in the rush for this property with local developers hotly contesting the opportunity and out-bidding major international interest” Mr Baxter said, “and the ultimate sale price being well above the reserve price of $9,000,000 and at a remarkable $4,500/sq m for the land demonstrates the confidence that is rapidly returning to the market post-federal election.”

Mr Peden said that “It represents an outstanding opportunity to develop for a wide range of possible uses, in a location that is so attractive to developers. Also, with the Club offering a long 15 month settlement to allow the members another winter bowling season, it was a particularly compelling offering.”

Club President Mr Ted Russell stated that “whilst we are saddened that the 50 year history of the Club is drawing to a close, we are delighted to have been able to deliver a wonderful result for the members, and for the Clubs that will benefit from this realization process. The fact that Savills has achieved a result more than $1,000,000 above our expectations is particularly pleasing and represents a significant windfall for beneficiary Clubs once the proceeds of the sale are distributed.”

“Savills has experienced a profound surge of buyer interest in development properties across Melbourne since the federal election result, which has been further spurred on by the recent RBA cut in official interest rates. There is no doubt that developers once again have confidence in the direction of the market, and are seeking to secure sites ahead of ongoing population growth which is again putting upward pressure on rental and housing values,” Mr Baxter said, “We can confidentially say that the SIBC has benefitted from the federal election result by more than $1,000,000, such is the shift in the market.”