Football Victoria (FV) is pleased to confirm the auction sale of its long-term commercial investment property at 236-238 Dorcas St, South Melbourne.
The sale, (price undisclosed at the request of the purchaser), conducted by commercial real estate specialist Gross Waddell ICR, allows FV to invest directly into projects that support our football ecosystem and the wider football community in Victoria.
An immediate impact of the sale will be the allocation of part of the revenue into completing the fifth pitch in Stage 1 at the State Football Centre (Home of The Matildas).
Alongside many Victorian projects, the State Football Centre was impacted by the 38% cost increase across the construction industry. In order to ensure the facility was delivered on time for the FIFA Women’s World CupTM and on budget, numerous value management decisions were made in conjunction with SRV and the project team, including an incomplete final synthetic pitch scheduled in Stage 1. FV will now self-fund the incomplete pitch, using part of the proceeds from the sale of Dorcas St, ensuring our footprint will adequately service the community.
The remaining capital raised through the sale will form part of the Football Victoria Future Fund (FVFF) which is similar in nature to the Commonwealth Government Future Fund. The fund will be governed by a combination of independent Trustees and two appropriately qualified current Directors; and will sit independent of the Football Victoria Board.
The funds will be governed by strict guidelines as to their investment and any prospective access. It is intended that the FVFF will accumulate to an agreed amount and only the income generated will be allocated towards operating expenses.
FV publicly announced its intention to sell on October 17 (article here).