Love Real Estate Preston selling agent Noel Crouch confirmed the sale of the 5,000 square metre site, at the busy intersection where St Georges Road merges into Spring Street.
The site, diagonally opposite the Preston train station and Preston Market, is expected to make way for a medium or high density development.
Mr Crouch said nine tenders were received for the site, but he would not disclose the sale price, or eventual purchaser. Local agents expected the site to sell for more than $3 million.
The Preston Bowls Club was listed for sale in March, after its membership dwindled to 60, and the demands of running the facility became too arduous for those members.
The first Preston Bowls Club opened on High Street in April 1909, before moving to Murray Road in 1925. The cashed up club has now merged with the Reservoir Bowling Club, in Leamington Street.