Forza directors divest north east Melbourne gym

The Maroondah Highway site spreads 6229 square metres.

Four directors of fund manager Forza Capital have sold a gym in Melbourne’s north east Lilydale for $8.91 million – a touch below a recent ($9.2m) valuation.

The result for 446 Maroondah Highway, on 6229 square metres at the south east corner of North Road, reflects a 6.13 per cent yield.

The owners, Ashley Wain, Adam Murchie, James Kelly and Craig Bingham, via a company, Forza Rooks Road Pty Ltd, outlaid $5.54m in December, 2021.

A subsequent renovation – the 2412 sqm property formerly accommodated the Lilydale Squash and Fitness Centre – cost about $3m according to the agents, Burgess Rawson’s Matthew Wright, Justin Kramersh, Beau Coulter and Zomart He.

The holding, also with 103 car parks, is passed by about 25,000 vehicles a day (story continues below).

Second time luckier

A sales campaign for 446 Maroondah Hwy, with a different agency early last year, was unsuccessful.

The property had just been fit out and leased to Geoff Lord’s Belgravia Group, trading as a Genesis Health Fitness Centre. With options, the tenant can stay until 2042.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of