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Pork knuckle, sauerkraut and wheat beer will make way for a boutique, six-storey residential development at the site of the German Club Tivoli in Melbourne’s Prahran, after a successful sale process that yielded 180 inquiries fielded by two real estate agencies.
The club has been a meeting point for Germans in Melbourne since it was founded 1860, and has been operating in its current location on the corner of Chomley Street and Dandenong Road since 1988.
While the club is currently operating, the large site is permit approved for the residential development allowing for 5,876sqm of net sellable area across 56 apartments and 771sqm of premium ground-level retail with car parking.
A spokesperson for Knight Frank has clarified that the club will continue to operate for approximately two years before relocating.
Knight Frank agents Stephen Kelly, Tom Ryan and Nick Bisset ran an expressions of interest (EOI) campaign in conjunction with Colliers’ agents Jozef Dickinson, Philip Heberling and Alex Browne on behalf of the German Club Tivoli.
"Knight Frank is proud to have exclusively introduced the purchaser of the German Club Tivoli in Prahran and exclusively negotiated the sale," says Kelly.
"The campaign generated over 180 inquiries, creating strong competition and allowing us to sell the property on an unconditional basis within 48 hours of the campaign close, with a 60-day settlement.
"The campaign demonstrated strong demand for development sites of this scale. We are now engaging with several groups from this campaign who are seeking similar opportunities."
Kelly adds the fact the site was permit-approved was very attractive for developers, however the site did offer the flexibility to amend the permit for alternative uses, including all residential, aged care and medical uses.
German Club Tivoli president Dieter Schwab has expressed his thanks to Stephen Kelly in particular for his due diligence, clear and concise communication, and "utmost professionalism" in securing the sale.
"Prahran itself is a chic and luxurious pocket of inner Melbourne, and is a highly desirable location to live, work, and play," adds Tom Ryan.
"The site is in a sought-after residential precinct, situated a short distance from all modern dining, retail, schooling and recreation options.
“It is also conveniently situated within 25 metres of the Closeburn Avenue Tram Stop, providing direct access to the Melbourne CBD.”
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