The site at 51 Murrumbeena Road, near the Murrumbeena train station, has sold five times since shutting its doors more than ten years ago. Demolition works started on the site about three years ago, as part of a bid to build double storey townhouses on the site, sources say.
 
The sale was negotiated by Beller Commercial’s Fred Nucara, and Uniq Property’s Andrew Fawell. Pace Developments director Shane Wilkinson was unavailable for comment.
 
Pace Developments other developments include Nautica, a 30-unit development opposite the Sandringham Yacht Club, and projects in  Brighton, Cheltenham and St Kilda. It’s Murumbeena purchase is in keeping with the Melbourne @ 5 Million planning scheme which encourages higher density development close to existing transport nodes.

The developer spent several years pooling together several adjoining office buildings, warehouses, and shops to create a supersite which would accommodate a large-scale development.
 
Lemon Baxter’s Paul O’Sullivan, who is marketing the property with Jones Lang LaSalle’s David Bowden and Steven Messina, said while Mirvac would prefer to sell the Burwood Road site as a whole, it would also entertain independently selling one or more of the now three separately titled properties.
 
As well as office developers, Mr Bowden expects the site to attract interest from residential developers who may wish to develop student accommodation, or traditional “own your own” apartments on the site. At a speculated sale price of $12 million, the land is valued at $2,400 per square metre.

Accessed from 12 streets, the 48 hectare parcel is worth about $100 million.

It could make way for end-product – including apartment and office towers on Doncaster Road – valued at more than $1 billion.

The bulk of the land suits low density housing; agents had previously speculated the fairways could be subdivided into about 1000 lots.

Site history

The Eastern Golf Club course replaced an orchard in 1924, members built the clubhouse in the historic Tullamore, still on the block.

Leading golf architect of the time Sam Berriman was employed to map it out.

Then prime minister Stanley Bruce opened it (story continues below).

Today the property is off an Eastern Freeway exit, surrounded by established neighbourhoods, a commercial hub on Doncaster Rd, and a Westfield shopping centre.

Council anticipates much larger development in coming years – its Doncaster Hill Activity Centre plan allows for high-rises.

Club future

The golf club board recently purchased 242ha at Yering in the Yarra Valley, for a replacement course.

“The club has appointed world recognised architects and other highly regarded consultants and we are well progressed with assembling a planning application to submit as part of the approval process of the new site,” general manager Benjamin Telley told The Age.

Urbis will manage the Doncaster expressions of interest campaign.

The listing is the biggest in Melbourne’s suburbs since the 56ha Austral Bricks quarry in Scoresby (and part of Wantirna South) traded to Mirvac for $100m early last year.