Developer pots Melbourne golf course after rezoning windfall
Perth based Satterley has swooped on one of Melbourne’s dwindling privately owned infill golf courses, five months following a controversial residential rezoning.
The 53.4 hectare ex-Kingswood Golf Course in Dingley Village is costing the builder a speculated $220 million.
AustralianSuper was the vendor; it paid $125m a decade ago for an entity managed by ISPT.
Largely since, the pair have been pushing through a residential redevelopment plan with some 823 dwellings including medium density (artist’s impression, top).
Following some 8000 objections – the highest ever recorded for a project in the Kingston municipality – the proposal was rejected by the local council in 2018.
However, following the formation of an advisory committee in 2021, and outgoing premier Dan Andrews last September announcing a plan to build 80,000 homes a year for the next decade, a residential rezoning was approved by planning minister Sonia Kilkenny in October.
ISPT had listed the property in September; it will be subject to a state government windfall tax which came into effect three months earlier.
The disposal comes a month since LAWD’s Peter Sagar, Paul Callanan and Darcy Tobin listed the Cranbourne Golf Course, about 20 kilometres south east of Dingley Village.
With the potential to yield up to 1500 dwellings, that 70.4ha block carries c$120m-plus price hopes.
Charter Keck Cramer was AustralianSuper and ISPT’s transaction advisor (story continues below).
Another golf course sale
Satterley will kick off construction at Dingley Village as Mirvac – speculated to have been an underbidder – completes its residential based redevelopment of Doncaster’s ex-Eastern Golf Club, which it bought in 2011 for $100m.
That block spreads 47.1ha, 18kms east of Melbourne’s CBD.
Pask Group, meanwhile, is replacing Rowville’s former Kingston Links, spreading 67ha, with a housing estate, Bankside.
Intrapac has an interest in Aspendale’s 44ha Rossdale Golf Course.
Controlled by the Scanlan and Smorgon families, that group is also seeking to develop residential on the Keysborough Golf Course.
In 2015 meanwhile, AFL footballer turned low density housing developer Fraser Brown, via Brown Property Group, acquired Cranbourne’s ex-Amstel Golf Course, on 48ha, for c$40m, for an estate, Canopy, now taking shape.
Not long earlier, Frasers Property Australia built a new Sunshine Golf Course, allowing it to buy the old one, also for residential.
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