Postscript: this property sold in June, 2019. Read our story about it here.
A year after it stopped accepting new members, the Southern Indoor Bowls Club will sell its imposing Caulfield South facility.
The unique property at 348-354 North Road is expected to trade for about $9 million following a campaign targeting developers.
The club, established in 1968, cites dwindling patronage as its reason for disposing of the site.
Property sale proceeds will be distributed to other local sporting clubs.
The three-level complex, formerly the Camden Theatre, includes 10 full-sized rinks and a mezzanine bar and lounge. An abutting car park is part of the offering.
The land area, 2295 square metres, is zoned Commercial 1 making it appropriate for an apartment tower.
The site is 50 metres to the Glen Huntly Road shopping strip, which is serviced by a tram.
In November, the Australian Order of Buffaloes paid $1.6 million for a former bank building at 790 Glen Huntly Road, adjacent to the Southern Indoor Bowls Club.
Falling membership coupled with high underlying land values have contributed to several sports-related property disposals in recent years.
The highest profile are arguably golf courses, including Amstel in Cranbourne, which sold to ex-AFL footballer Fraser Brown for $40 million in 2015.
The former Eastern Golf Club in Doncaster was acquired by Mirvac for $100 million in 2011.
In 2012, the 85-year old Alma Sports Club sold its 7100 sqm site at 1 Wilks Street, Caulfield North, to residential developers. The property once included three tennis courts, two squash rooms, a bowling green and restaurant.
Ten years ago, the then 100-year Preston Bowls Club banked $3 million selling 380 Murray Road to an apartment builder after merging with a Reservoir club.
Apartments also replaced the former Northcote Bowls Club which closed prior to 2009.
In 2013, a five-level apartment building was proposed to replace the former Brighton Squash and Racquetball Centre. A five story residential building was also built on the former Toorak Squash and Fitness Centre, which is actually in Armadale.
Former squash courts in South Yarra, meanwhile, made way for offices some years ago.