Slice of ex-Eastern Golf Course for sale
Next Generation has listed a country club style investment, in Doncaster, with a 15 year leaseback.
Built in and around the c1887 Tullamore House, the one year old wellness centre and function hall at 21 Members Drive is expected to sell for more than $30 million, reflecting a sub five per cent yield.
Colliers’ Rob Joyes, Peter Bremner, Leon Ma and Karen Wales are the agents.
Trophy asset replaced golf course clubroom
On 1.092 hectares, the luxury health and lifestyle club contains a gym, spa, sauna, café, creche, function spaces and commercial kitchen; all up there is 3610 square metres of lettable area.
There is also an indoor and outdoor pool.
With frontage to Doncaster Road, the facility includes four tennis courts, an alfresco dining space and 172 car parks too.
The asset is one of the only commercial components of Mirvac’s 47ha Tullamore estate, which replaced the former Eastern Golf Course that it bought for $100m in 2011.
For decades before Tullamore House acted as the sporting facility’s clubroom.
Another historic part of the ex-golf course – stables known as Elephant House – were last year converted into a fresh produce store and restaurant.
Doncaster is about 16 kilometres east of Melbourne (story continues below).
Healthy wellness market
Next Generation paid Mirvac $8.6m for the land which made way for the club.
As part of the leaseback, it can, with options, occupy until 2056.
“It’s rare to find a commercial investment opportunity with this kind of security that provides a passive long Weighted Average Lease Expiry with a commencing rental income of $1.5m per annum,” Mr Bremner said.
“The triple net lease, which means that the tenant will cover all outgoings as well as repairs and maintenance of a structural or capital nature, adds to the unique security of this commercial opportunity,” according to the executive.
Mr Joyes added that the wellness market, which was already experiencing growth three years ago, has gained further popularity post pandemic.
“The rising interest in wellness is not going away,” he said. “We’ve seen an increased appreciation of health services across the global wellness tourism market, which is expected to reach $919 billion in 2022 and…grow by 6.6pc annually”.
Tullamore House was developed for surgeon Sir Thomas Fitzgerald.
The Eastern Golf Club operated at Doncaster from 1924. It is now based at Yering.
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