MFC and the Bentleigh Club

[Sir Why You Little 37,307]

30 minutes ago, Sorry kids said:

It requires a lot of careful planning. Once the pokies go it will run at a loss. Back luck for the members of the Club. So we need to sell before that pokies deal expires. That leaves a window of time to get it rezoned, work through the inevitable planning objectives that will come in a tightly held quiet suburban street and get our money out. It is not as simple as selling a similar pokies venue that operates as a hotel. I hope we have good people on the job.

No. You sell the land when it is the best time. Forget the dwelling. It is not important 

[mauriesy 7,410]

Here's the Bentleigh Club. Equivalent to 18 normal suburban houseblocks in a residential area. A developer would jump at the chance to demolish and build 50 or more townhouses, provided planning permission is given.

[chookrat 4,268]

2 hours ago, Supermercado said:

The club wouldn't need any permission to make a commercial deal, even of an asset they held.

I can just imagine we'll bulldoze it to build flats then there'll be some planning fiasco that ends with 10 years of vacant land.

Another lucrative venture could be to setup a meth lab and have it run via a proxy.  There is good money in meth, so I have heard. 

[Sorry kids 635]

1 hour ago, Sir Why You Little said:

No. You sell the land when it is the best time. Forget the dwelling. It is not important 

i agree in principle with selling at the best time regarding real estate but do you think Melbourne football club can afford, and is it our business of sitting on vacant blocks of land when we do not have a home ground base of our own. And when we will be likely running up big losses with the loss of pokies $$$$$.

[Sir Why You Little 37,307]

28 minutes ago, Sorry kids said:

i agree in principle with selling at the best time regarding real estate but do you think Melbourne football club can afford, and is it our business of sitting on vacant blocks of land when we do not have a home ground base of our own. And when we will be likely running up big losses with the loss of pokies $$$$$.

Well one has to find new Revenue streams to cover these changes. When the Bentleigh Club land is sold, i would hope there is another asset bought that is worth more. 

One of the jobs for our CEO

[Sorry kids 635]

6 minutes ago, Sir Why You Little said:

Well one has to find new Revenue streams to cover these changes. When the Bentleigh Club land is sold, i would hope there is another asset bought that is worth more. 

One of the jobs for our CEO

Quite right. 

[pitmaster 3,589]

 

2 hours ago, mauriesy said:

Here's the Bentleigh Club. Equivalent to 18 normal suburban houseblocks in a residential area. A developer would jump at the chance to demolish and build 50 or more townhouses, provided planning permission is given.

One option could be to develop the site ourselves and retain a portion of the redevelopment to provide rental income. A long shot but A Leoncelli is in real estate development and has overseen a major residential project in Hampton. He could at least offer insights into what's achievable.

It's worth noting the site is a 10-15 minute walk (1.2 kilometres) from two railway stations, McKinnon and Bentleigh which is pretty neat siting.

[Demon Disciple 12,452]

1 hour ago, pitmaster said:

A long shot but A Leoncelli is in real estate development and has overseen a major residential project in Hampton. He could at least offer insights into what's achievable.

It's worth noting the site is a 10-15 minute walk (1.2 kilometres)

Was he not a former director of the club? Hopefully the relationship is still strong. Would definitely help.

[Sir Why You Little 37,307]

3 hours ago, mauriesy said:

Here's the Bentleigh Club. Equivalent to 18 normal suburban houseblocks in a residential area. A developer would jump at the chance to demolish and build 50 or more townhouses, provided planning permission is given.

It is actually bigger than I thought. You could almost build a training facility on it

[La Dee-vina Comedia 17,015]

Do we actually own the land or just the business?

[Mazer Rackham 14,971]

2 hours ago, pitmaster said:

One option could be to develop the site ourselves and retain a portion of the redevelopment to provide rental income. 

Yes! How about we don't just cash in (and spend the dough), but have ongoing revenue stream from this.

[Redleg 41,939]

1 hour ago, La Dee-vina Comedia said:

Do we actually own the land or just the business?

Yes.

[Chook 15,023]

6 hours ago, mauriesy said:

Here's the Bentleigh Club. Equivalent to 18 normal suburban houseblocks in a residential area. A developer would jump at the chance to demolish and build 50 or more townhouses, provided planning permission is given.

What a stupid design. The whole thing is mostly carparks….

[Sorry kids 635]

Parking is a requirement of their licence,  no doubt. The club caters for large functions in a residential street.

[chookrat 4,268]

4 hours ago, pitmaster said:

 

One option could be to develop the site ourselves and retain a portion of the redevelopment to provide rental income. A long shot but A Leoncelli is in real estate development and has overseen a major residential project in Hampton. He could at least offer insights into what's achievable.

It's worth noting the site is a 10-15 minute walk (1.2 kilometres) from two railway stations, McKinnon and Bentleigh which is pretty neat siting.

Being on the Frankston line, a meth lab would have a good supply line to a major market. 

[Demon Disciple 12,452]

2 minutes ago, chookrat said:

Being on the Frankston line, a meth lab would have a good supply line to a major market. 

I think you're getting it confused with the Geelong line Chook.

Edited September 1, 2019 by Demon Disciple

[Tony Tea 2,814]

I had completely forgotten the Bentleigh Club exists.

[Moonshadow 17,678]

1 hour ago, chookrat said:

Being on the Frankston line, a meth lab would have a good supply line to a major market. 

There is meth in your madness!

[Ethan Tremblay 31,243]

.

Edited September 1, 2019 by Ethan Tremblay
Question has been answered

[Cards13 9,117]

9 hours ago, mauriesy said:

Here's the Bentleigh Club. Equivalent to 18 normal suburban houseblocks in a residential area. A developer would jump at the chance to demolish and build 50 or more townhouses, provided planning permission is given.

Looks big enough to fit in an oval, training facilities and office space...

[Demon Dynasty 17,130]

8 hours ago, pitmaster said:

 

One option could be to develop the site ourselves and retain a portion of the redevelopment to provide rental income. A long shot but A Leoncelli is in real estate development and has overseen a major residential project in Hampton. He could at least offer insights into what's achievable.

It's worth noting the site is a 10-15 minute walk (1.2 kilometres) from two railway stations, McKinnon and Bentleigh which is pretty neat siting.

Not a bad idea Pit.

18 units at a median valuation of approx $870,000 and median rental of 3.7% p.a. for Bentleigh (@ 30 June 2019).

Approx $580,000 p.a. gross rental income.

Take approx 1/3rd off to cover expenses and ongoing maintenance / repairs etc....

Approx Net rental of $383,000 p.a.

The only trouble is there won't be much left once interest costs from loans are taken into account.

[Jumping Jack Clennett 1,820]

I suspect there would be Heritage Overlay, preventing the demolition of an historically significant building.

Would this not affect the site’s resale value detrimentally?

[mauriesy 7,410]

11 hours ago, Rusty Nails said:

18 units at a median valuation of approx $870,000 and median rental of 3.7% p.a. for Bentleigh (@ 30 June 2019).

Those blocks to the east on Whitmuir Road have two, two and three townhouses on each blocvk. If you couldn't fit at least 40 townhouses on the entire Bentleigh Club land there's something wrong.

[chookrat 4,268]

12 hours ago, Cards13 said:

Looks big enough to fit in an oval, training facilities and office space...

At least half an oval, which would suit our one way running ? 

[number 27 62]

22 hours ago, mauriesy said:

Here's the Bentleigh Club. Equivalent to 18 normal suburban houseblocks in a residential area. A developer would jump at the chance to demolish and build 50 or more townhouses, provided planning permission is given.

what are the dimensions of the land? why not do an indoor pitch? offices and function centre above? carpark below?