Real Estate

Bowling greens present unique opportunity

Written by The ReReport
As seen in the Source link, written by on 2019-03-20 07:55:17

Buyers looking for a unique prospect in the heart of the inner west will be bowled over by the prospect of two bowling greens.

The Belfield Bowling Club are selling off the two greens and a car park, spanning nearly 4000sqm, choosing to reinvest the money to attract a younger generation of players.

The club will retain ownership of one green and the existing club house, while the price is expected to be around $4 million, according to listing agent Peter Vines of CBRE.

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It is sure to be an interesting acquisition, with the site permissible for residential property, aged care, affordable housing developments and place of public worship (STCA).

With vacant land in the inner west rarely found, the site is expected to be popular.

Over the past decade there have been 89 bowling club closures across NSW, with 508 clubs still in operation, including 100 in the Sydney metropolitan area.

The land, located at 6-8 Margaret St, is being sold through Mr Vines and CBRE colleagues Victor Sheu and Robert Dowdy, with an expressions of interest campaign set to close on April 16.

“Many clubs have found new members by embracing barefoot bowls, a more relaxed approach to the game that allows participants to be casually dressed and partake in friendly competition,” Mr Dowdy said.

“Clubs are freeing up bowling greens for beer gardens alongside restaurants and bistros — or, as evidenced with this Belfield Bowling Club, divesting parts to spark development and attract new clientele.”

It is zoned R3 medium density residential and is close to public transport, schools and retail hubs.