Developer swoops on another Melbourne golf course
An outgoing golf club in Cranbourne North, now a growth corridor suburb, will be replaced with a $1 billion-plus housing estate after selling to footballer-turned-developer Fraser Brown.
The 70.42 hectare Cranbourne Golf Course at 750 Glasscocks Road, also fronting Huon Park Rd, Rosebank Drive and Sussex Avenue, is trading for c$190 million – far more than the c$150m expectation when it hit was listed in February.
The Jewish owned Cranbourne Country Club was the seller; it paid £20,000 in the mid-1950s, for what was then a much larger site, to establish the private course.
Some $10m from the sale will be tipped into a (c$120m) makeover of the nearby Huntingdale Golf Club, which Cranbourne Golf Club merged with two years ago.
It will vacate 750 Glasscocks Rd in mid-2026 – after scheduled settlement.
LAWD’s Peter Sagar, Darcy Tobin and Paul Callanan acted for CCC.
Charter Keck Cramer’s Patrick McNulty and Tom Byrnes were transaction advisers.
Fraser Brown pots another golf course
The Cranbourne North acquisition comes nine years since Mr Brown’s Brown Property Group acquired the ex-Amstel Golf Club, in Cranbourne West, now making way for a housing estate, Canopy.
In a show of how fast property values have moved for this kind of product in the City of Casey, that 48ha parcel cost c$40m (story continues below).
That seller, the operator, relocated to the nearby Ranfurlie course.
CCC listed the Cranbourne Golf Club after a rezoning allowing for residential.
It could yield between 1000-1500 lots, according to the agents, in a master-planned community also with public space, commercial and possibly essential services such as childcare and a medical centre.
The deal comes a month since Perth based Satterley paid a speculated $220m for the former Kingswood Golf Club, spreading 53.4ha, in Dingley.
That seller, Australian Super, via an entity managed by ISPT, outlaid $125m in 2014 before pushing through a rezoning allowing for low and medium density housing – all up, some c823 residences.
Fraser Brown retired from the AFL in 2000 after 11 years with Carlton, with which he won a premiership in 1995 and the Best & Fairest three years later.
By value, the Glassrocks Rd purchase is believed to be the second biggest yet for Brown Property Group, which he has grown since. The priciest was a 116ha Clyde farm which cost c$230m in 2021.
Cranbourne North is about 39 kilometres south east of Melbourne’s CBD.
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