In a shock move, AustralianSuper intends to sell off the former Kingswood Golf Course in Dingley Village.
The investment fund had proposed a controversial 824-dwelling estate on the course, with the State Government yet to announce whether it will approve the plan.
On 1 September, AustralianSuper announced it was starting an Expression of Interest process to divest the 54-hectare golf course.
In a statement, it said the fund was now focused on “larger-scale property investment opportunities domestically and globally”.
The golf course “no longer aligned with the new strategy”.
“AustralianSuper still believes that the development of the site should proceed as proposed as it will provide increased housing diversity and stock in this key growth corridor within the middle-ring of Melbourne as well as community and social infrastructure that will benefit the local community for years to come.”
In 2014, the fund bought the site for a reported $125 million. It stated that since then the fund’s member assets had grown from $79 billion to more than $300 billion.
Colliers has been appointed to undertake the EOI process.
State Planning Minister Sonya Kilkenny is yet to decide upon rezoning the course and approving the AustralianSuper Residential Properties project – more than 14 months after a panel reported its recommendations to the Minister.
The State Government was contacted for comment.
State and Federal MPs, Kingston Council and a residents action group have publicly opposed the proposed estate.
Save Kingswood president Kevin Poulter said he was not sure what the sell-off said about the impending Government decision.
“I believe they don’t know any more about the Minister’s decision than us.
“They want overdevelopment to cover their stupid and careless lack of due diligence pre-purchase. Otherwise they will be hit with a loss.”
