NextGen sells enormous suburban ‘country club’
EXCLUSIVE
NextGen has sold a sprawling suburban Melbourne ‘country club’ on its second attempt.
The 1.1 hectare facility, part of Doncaster’s Tullamore estate, which replaced the Eastern Golf Course, collected $24.65 million – a 6.49 per cent yield.
Twelve offers came in following an expressions of interest campaign closing last month.
CBRE’s Sam Guest, JJ Heng, James Douglas and Jamie Hess said the buyer was a local Chinese investor.
The deal comes two years since NextGen failed to sell it via a different agency.
NextGen Doncaster
Opened in 2021, the Doncaster asset, 21 Members Drive, includes the historic Tullamore mansion, now extended, with 3610 square metres, fit out with a gym, pool, and child minding centre.
The block also includes four tennis courts – and another swimming pool.
There are also 172 car parks.
NextGen offered it with a triple net lease – it picks up all outgoings include land tax and will pay for any upgrades.
The initial lease term is 10 years with fixed three per cent rent rises.
With options, the group can stay until 2060.
Mirvac developed Tullamore – and the gym – on the 47 hectare ex-golf course acquired for c$100m in 2011.
Doncaster is about 14 kilometres east of Melbourne’s CBD.
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