Former Drumcondra Bowls Club destined for residential development

The former Drumcondra Bowls Club site has been listed for sale, paving the way for a high-end residential development on the prime bayside land.

Geelong developer Adam Montgomery stands to almost double his investment after listing the 4264sqm site at 9 Glenleith Court, Geelong with price hopes of $4.6 million to $4.8 million.

He bought the site for $2.43 million in 2014 and has made no improvements to it since then.

Whitford, Newtown selling agent Peter Fort says he tips developers will be quick to act on the former bowls club land.

The 4264sqm site is just one row back from Corio Bay.

He has already fielded inquiries from Melbourne and local buyers who see an opportunity for a residential project in a premium location.

“The Montgomery’s plan has always been to develop the property. Now their focus is somewhere else so it’s created an opportunity for another builder or developer,” Fort says.

“It’s a great location, when you think about where it is, in the growth area with the marina and everything going forward.

“You are buying an unrenovated 1960s home for $1 million so there is an opportunity for a high-end, quality type development.”

He says the site, zoned residential zone 2, lent itself to a medium-density style development, ideally about 8-10 individual dwellings, subject to council approval.

“We have got clientele that would be interested if a builder was to develop something like that,” Fort says.

Montgomery purchased the bowls club site after the club relocated to a new facility at the former Geelong Golf Club on Ballarat Rd.

His attention is now focused on other projects, including a 12-storey office complex at 16 Gheringhap St, Geelong which received planning approval last year.

An artist’s impression of the planned 12-storey office building at 16 Gheringhap St, Geelong.

The bowling club land offers a level site with a 100m street frontage just 100m from Corio Bay and close to Pakington St, the CBD and Geelong train station.

Fort says front row bayside properties in the blue chip neighbourhood were selling for $2000-$2500 per square metre, with this one, in the second row back, coming in at about $1000 per square metre.

This article from The Geelong Advertiser originally appeared as “Buyers see potential for high-end residential development on former Drumcondra Bowls Club site”.