Racing club buys ex-RSL, car park
The Melbourne Racing Club’s hospitality arm has bought the ex-Pascoe Vale RSL and rebranded it The Cumberland.
Pegasus Leisure Group paid $3.4 million for the property and open air car park covering 36 and 40-42 Cumberland Road, across O’Hea Street.
The RSL will preserve a presence at the venue.
It entered voluntary administration last year after 77 years.
Colliers’ Travis Keenan and Lucas Soccio said multiple offers came in; covering 3114 sqm, it was listed last year with a lease expiring December.
Pegasus also owns, amongst other venues, the Stoney’s Club in Bacchus Marsh, Glasshouse at Caulfield, Highways (Springvale), Steeples (Mornington), Peninsula Club (Dromana, The Cove (Patterson Lakes), the Brook (Point Cook), The Coach (Ringwood), The Club (Caroline Springs), Sugar Gum Hotel (Hillside) and Golden Fleece Hotel (Melton).
The Cumberland
The agents said the transaction “delivers an outstanding outcome for all stakeholders with the community eagerly anticipating the opening of the venue” (continues below).
“This was a highly competitive campaign from the outset with interest from a mix of investors, value-add buyers and groups seeking future development potential resulting in over 50 enquiries and five offers,” Mr Soccio added.
“The combined nature of the two sites created a compelling proposition that resonated strongly with the market,” according to the executive.
“The $3.4m sale result is an excellent outcome for the vendor and a clear vote of confidence in the strength and growth of Melbourne’s north west corridor,” he said.
Pegasus chief executive officer, Russell Evans, added “the building has a long and proud association with the Pascoe Vale community and it was important to us that this history is respected…we see real value in supporting the continued presence of the RSL in the community.”
The vendor will tip proceeds recovered after it pays debts to veteran and local community initiatives.
“We are encouraged by the new owner’s respect for the RSL’s history and their commitment to maintaining the RSL’s presence in the building for the local community,” chief operations officer, RSL Victoria, Clint Brewster, said.
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