Sydney’s Belfield Bowling Club has appointed CBRE to sell off two bowling greens, allowing it to reinvest in the club to ensure its ongoing appeal to a younger generation of players.
CBRE’s Peter Vines, Victor Sheu and Robert Dowdy have been appointed to market for sale the two bowling greens and car park, which span a total site area of 3,999sqm. The Belfield Bowling Club will retain ownership of one green and the existing clubhouse.
Mr Vines said the sale would enable Belfield Bowling Club to invest in the future, while unlocking a unique development opportunity in Sydney’s tightly held inner-west.
“Bowling clubs have been at the heart of Australian communities for decades, being the focal point for meetings, events, wedding receptions and a host of other community activities. In more recent years however, closures have become more common, with reduced membership numbers due to an ageing population and demand for space in the city at a premium,” Mr Vines said.
Over the past decade, there have been 89 bowling club closures across NSW, with 508 clubs still in operation, including 100 clubs in the Sydney metropolitan area.
Mr Dowdy said in the face of headwinds, clubs were reinventing themselves in order to attract a new generation of players.
“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, highlighting the Greens of North Sydney as an example of clubs transforming themselves into trendy places for younger people to socialise.
“Clubs are also freeing up bowling greens for beer gardens alongside restaurants/bistros – or, as evidenced with this Belfield Bowling Club, divesting parts to spark development and attract new clientele.”
The Belfield Bowling Club is located at 6-8 Margaret Street, Belfield, approximately 13km southwest of the Sydney CBD. The site is permissible for residential, aged care, child care, affordable housing developments and place of public worship (STCA).
Expressions of Interest close April 16 at 3:00PM.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.