Longstanding bayside bowling centre acquired by entertainment group General Public following competitive campaign.
The Zone Bowling Moorabbin site, home to Victoria’s longest-operating bowling alley, has sold for $10.2 million to Melbourne-based entertainment group General Public.
Located on a prominent 5,447sqm site in Moorabbin with a 90-metre frontage to Nepean Highway, the asset was sold through a highly competitive Expressions of Interest campaign run by JLL’s Dominic McGrath and Xander Yeo.
The sale reflects a strong building rate of $4,192 per square metre and an improved land rate of $1,873 per square metre.
Mr McGrath said the property was offered with a short-term lease, with Zone Bowling set to vacate by the end of the year.
“This created a rare opportunity for immediate occupation on a high-profile site with exceptional exposure to over 62,000 vehicles per day,” he said.
“There was strong interest from multiple retail operators and developers seeking to secure a foothold in this tightly held precinct.”
General Public Managing Director Harry Kourbeis said the group was excited to reimagine the landmark site.
“We’re absolutely delighted to have secured such a high-profile location. The fact the site has operated as a bowling venue since 1964 only enhances the opportunity to breathe new life into the existing offering.”
Mr Yeo said Zone Bowling Moorabbin was a landmark entertainment asset with outstanding retail frontage on one of Melbourne’s busiest arterial roads.
“The strong interest throughout the campaign reflects the continued confidence in well-located retail assets, regardless of lease tenure,” he said.
“We’re thrilled to see this iconic site continue as an entertainment destination and look forward to witnessing General Public’s transformation of this Nepean Highway landmark.”
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