Cranbourne golf course: Former Carlton player Fraser Brown’s property group buys southeast course for rumoured $190m

The Cranbourne Golf Course has sold for a rumoured $190m+.

A Melbourne golf course the size of a small suburb has sold to a former Carlton footy star for a rumoured price tag of $190m.

The 70.4ha of residential zoned land at Cranbourne Golf Course has been purchased by former AFL player Fraser Brown’s development company, Brown Property Group.

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The site was put up for sale in February this year after it had been rezoned as a site for residential development.

Brown Property Group is no stranger to golf course redevelopments, having successfully completed the redevelopment of the Amstel Golf Course.

Senior director of LAWD Peter Sagar said that with over 20 written offers to the site from some of the industry’s most prominent players, the company was able to secure a robust unconditional offer.

Although Mr Sagar could not confirm the rumoured sale price of $190m due to the confidentiality agreement with the new owners, he acknowledged media attention surrounding the topic.

“It was a highly sought-after asset, and we are thrilled with the price and the campaign we had,” Mr Sagar said.

Its expected that 1350 new homes will be built on the Cranbourne Golf Course land.

“Working with the golf club committee and their transaction advisers made the process easier; they were fantastic to deal with.

“After a period of relative inactivity in the residential (market) over the last two years, we have a robust pipeline of properties coming to market.”

Mr Sagar said the sale of the golf course indicates a strong recovery in the construction market, and urges the state government to zone more infill land to meet buyers’ demand.

“We received offers totalling over $3.5b on the land. There was a lot of disappointment from other developers who missed out,” he said.

“.. so plenty of money is (there to be) invested if the land is available.

Footballer Fraser Brown playing for Carlton in 1995.

“All of the lending is going to high-end apartments; the only way to deliver land supply in the short-to-medium term is to increase the supply of greenfly housing and to reduce the tax burden to the inner-and-middle ring.

“We need an increased supply of approved precinct structured plans. The Victorian government aren’t zoning enough land; the demand is there.”

The Cranbourne Golf Course site is expected to sustain an estimated 1350 new homes, with construction set to allegedly begin in mid-2026.

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