- Melbourne Racing Club acquires The Cumberland Collective.
- Pegasus Leisure Group to operate the venue while respecting its history and supporting the continued presence of the RSL.
Colliers is pleased to announce the successful sale and settlement of the ‘Cumberland Collective’, encompassing 36 and 40–42 Cumberland Road, Pascoe Vale, as Melbourne Racing Club acquires both sites for a combined $3.4 million, with the venue to be operated by its hospitality and venue arm, Pegasus Leisure Group.
The high-profile corner holding includes the former Pascoe Vale RSL building at 40–42 Cumberland Road, together with the adjoining landholding at 36 Cumberland Road currently utilised as a car park. The transaction was negotiated by Colliers Lucas Soccio and Travis Keenan, following strong interest from a broad pool of value add investors and owner-occupiers.
The Cumberland Collective attracted considerable buyer interest due to its scale, dual corner exposure, flexible zoning and strategic location just 14 kilometres from Melbourne’s CBD, within a precinct earmarked for significant growth and infrastructure investment.
Lucas Soccio, Senior Executive | Investment Services at Colliers, said, “This was a highly competitive campaign from the outset, with interest from a mix of investors, value-add buyers and groups seeking future development potential resulting in over 50 enquiries and five offers.”
Mr Soccio added ,“The combined nature of the two sites created a compelling proposition that resonated strongly with the market. The $3.4 million sale result is an excellent outcome for the vendor and a clear vote of confidence in the strength and growth of Melbourne’s north-west corridor.”
Russell Evans, CEO of Pegesus Leisure Group, commented, “This acquisition reflects our focus on well-located venues with a strong connection to their local communities.
“The Pascoe Vale RSL has a long and important history, and it was important to us that this legacy is respected as part of the venue’s next chapter.
“We see real value in supporting the continued presence of the RSL while ensuring the venue is well managed and positioned for the future.”
Mr Evans stated, “The building has a long and proud association with the Pascoe Vale community, and it was important to us that this history is respected. We see real value in supporting the continued presence of the RSL in the commmunity.”
Clint Brewster, Chief Operations Officer at RSL Victoria added, “We are encouraged by the new owner’s respect for the RSL’s history and their commitment to maintaining the RSL’s presence in the building for the local community.”
“Subject to approval from the respective authorities, proceeds from the sale will be reinvested in greater support for veterans, their families and the local community.”
The transaction delivers an outstanding outcome for all stakeholders, with the community eagerly anticipating the opening of the new venue.
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