Ex-NRL player buys Melbourne gym
Ex-NRL player Wes Maas has snapped up a suburban Melbourne gym leased to a rival of the Derrimut 24:7 gym business he just bought into.
The 1.47 hectare property, 258 Scoresby Road, cost c$15 million.
It has been occupied over 10 years by Genesis Gyms, a Belgravia Health & Fitness brand but was marketed for its immediate development upside.
The seller was Marila Capital a mortgagee in possession.
Colliers’ Jozef Dickinson, Philip Herberling and Mark Burgio were the agents.
Residential development upside
Surrounded three sides to a park – 304 metres – and the other side to houses, the Boronia block was marketed for its residential development upside.
It is configured with 209 car parks around a 3300 square metre building permitted to trade 24 hours.
Eight offers came in following an expressions of interest campaign where it was marketed as Boronia Place (continues below).
“This transaction demonstrates just how competitive the market remains for infill sites that combined scale, location and future optionality,” Mr Dickinson said.
“Despite broader economic and geopolitical uncertainty, buyers moved decisively,” he added.
“Melbourne continues to be viewed as a global safe-haven market attracting high net-worth buyers and institutional capital seeking security, resilience and long-term growth,” according to the executive.
“Well positioned development opportunities like this continue to generate deep interest from capital looking for both immediate flexibility and long-term upside
“The transaction was completed on an unconditional basis with a 60-day settlement further reinforcing buyer confidence in prime metropolitan land while leaving close to $100m in unplaced capital”.
Mr Herberling said population growth, infrastructure investment and sustained demand for medium density housing underpins values in Melbourne’s east “particularly where land can support adaptable development outcomes over time”.
Subscribe to our newsletter at the bottom of this page.
