The ex-Pascoe Vale RSL site at 40-42 Cumberland Rd has a new owner.
The Melbourne Racing Club has snapped up the former Pascoe Vale RSL for $3.4m.
RSL Victoria has welcomed the transaction that will allow the sub-branch to continue its decades-long tradition of supporting veterans from the site.
Settlement of the prominent Cumberland Rdcorner property’s sale, including an adjoining landholding used as a carpark, was confirmed today.
RELATED: Receivers seize site of planned $2.7bn Melbourne tower and put it up for sale
$9.9m Corinella estate that hosts Melbourne Cup winners for sale
Yarra Valley: ‘The Dry 2’ lodge for sale with a $4.2m+ price tag
The deal will see MRC’s hospitality and venue arm, Pegasus Leisure Group, take over the venue’s operation.
It comes after the RSL in Melbourne’s northern suburbs entered voluntary administration
in March 2025.
Pegesus’ chief executive Russell Evans said the group saw value in supporting the continued presence of the RSL at the building, where it has been assisting returned veterans since 1948.
“The Pascoe Vale RSL has a long and important history, and it was important to us that this legacy is respected as part of the venue’s next chapter,” Mr Evans said.
Pascoe Vale RSL members Tom Parkinson, Bill Gulley and Charlie Slater at the club in 2011. Picture: Mark Wilson.
Memorabilia and military artefacts located at the sub-branch will not be part of the sale, but some items may be displayed within the facility in the future pending members’ wishes.
RSL Victoria’s chief operations officer Clint Brewster, said the league was encouraged by new owner’s commitment to maintaining the RSL’s presence for the local community.
“Subject to approval from the respective authorities, proceeds from the sale will be reinvested in greater support for veterans, their families and the local community,” Mr Brewster said.
In December 2025, after the sale was initially made public, an RSL Victoria statement reported that the deal would provide an option for Pascoe Vale RSL members to continue the sub-branch’s work at its traditional home.
When the sale was first announced, Pascoe Vale RSL Sub-Branch president Brian McNaughton said that a lot of hard work had gone into finding an operator that wanted to continue the club’s operations.
“The outcome of the sale is the best possible option for the local community,” Mr McNaughton said.
The commercial kitchen within the former RSL building.
The site was sold with the name “The Cumberland Collective.” It included the 1809sq m RSL land parcel and a nearby car park of 1305sq m.
Commercial real estate agency Colliers’ Lucas Soccio and Travis Keenan managed the listing.
Mr Soccio said the site had attracted strong interest thanks to its busy corner address, the RSL block’s 1809sq m size and location 14km from Melbourne’s CBD.
“This was a highly competitive campaign from the outset, with interest from a mix of investors, value-add buyers and groups seeking future development potential resulting in over 50 inquiries and five offers.” Mr Soccio added.
Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox.
MORE: Metro Tunnel, NGV, Melbourne Cup pavilion up for design awards
AFL legend Robert DiPierdomenico stars in video to sell Aspendale Gardens house
Inside the abandoned WA youth prison once home to Bon Scott