The freehold of Point Cook’s The Brook has sold for $24.33 million, reflecting a 5.5 per cent return.
The deal for 215-221 Sneydes Road reflects an uplift for the vendor, which outlaid c$18m in early 2017.
Melbourne Racing Club is the tenant; it acquired the leasehold late last year.
That seller, Geelong Football Club, offered the venue as part of plans to quit gaming.
On 1.075 hectares, The Brook contains a bistro, café, sports bar with TAB facilities and gaming room with 80 electronic gambling machines.
There is also an outdoor children’s play area and 204-bay car park (story continues below).
With options, MRC can stay until 2059.
Its present lease expires in eight years.
JLL’s Will Connolly, Stuart Taylor and Tom Noonan were the agents.
The freehold sale comes a month since Melbourne Football Club offloaded the Bentleigh Club to townhouse developer Metro for $23.7m.
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