Property developer Piccolo acquires the Elwood RSL Club for $6.275 million

Diane LeowJune 10, 2013

Property developer Piccolo has acquired the Elwood RSL Club for $6.275 million.

The site (pictured below), advertised via public tender, sold through Chisholm & Gamon Elwood.

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Sam Gamon of Chisholm & Gamon Elwood told Property Observer the site received about 38 submissions.

“That’s a really healthy sign for the popularity of the property market in the area," Sam Gamon said.

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"It exceeded our expectations, with a landmark result for the area.

"It’s a real landmark because of its corner location.

"It’s a gateway to Elwood,” he said.

 


The Elwood RSL opened soon after the World War II as a meeting place for ex-servicemen.

The property was originally a weatherboard house, Brett Gamon of Chisholm & Gamon Elwood told Property Observer.

“In 1959, the members raised sufficient funds to build a new building on the site.

Over the years, it was fundamentally a meeting place for ex-servicemen. As time continued on, it became a social club as well,” he said.

Locals enjoyed the facilities available at the club, including a restaurant and a gaming area.

The Elwood RSL ceased operations in August last year, citing financial difficulties.

“Dwindling membership in terms of servicemen did become a problem for the club, [as well as] the aging building, and the number of people visiting the club. It got to the point where it had to rationalised and it was eventually sold,” Gamon said.

This will be Piccolo’s first Elwood development, after completing over 500 apartments in the last decade.

Last year, Property Observer reported that their latest project, Upper House in Carlton, has achieved significant sales success.

It has since almost sold out.

The developer is also responsible for the Garden House luxury apartments opposite Carlton Gardens.

Piccolo plans to create a mixed-use Elwood development consisting of ground-floor restaurants and luxury apartments.

Located on the corner of Pine Avenue and Ormond Road, the 1,404 square metre site is in a prime position, and is accessible from three sides.

“We are thrilled with the acquisition of this sought after site in Elwood," Piccolo director Michael Piccolo said.

Victorian RSLs has been quite active in the property market in recent years. The RSL sold an 1895 Windsor Place property in the city for $2.4 million as well as its St Kilda West branch for $3 million approximately two years ago, according to a recent report by The Age.

 

Diane Leow

Diane has spent her entire career in the world of digital. She is passionate about delivering the best content to a world that is becoming increasingly jaded by the news. She also believes in the importance of great journalism and how it can change the world. Oh, she also drinks a lot of coffee.

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