Griffin Hospitality Group buys Coorparoo Bowls Club in a $6 million deal to save the club from bulldozers.
The news comes after a long campaign to save the site from becoming high-rise apartments.
The new owner says he plans to renovate the clubhouse, bar and kitchen.
Coorparoo Bowls Club will no longer be demolished to make way for high-rise apartments, after the club was snapped up by a local investor for $6 million.
It comes after a multi-year-long campaign by the club's committee, which were due to be evicted in May this year.
Instead, the site was bought by Coorparoo local Will Griffin from Griffin Hospitality Group in a deal inked with Bowls Queensland.
As part of the deal, Griffith Hospitality will keep both of the bowling greens, one of which will be used for competitions and the other for casual players.
Bowls Queensland chief executive Fletcher Dyson told 612 ABC Brisbane the organisation turned down much higher offers to ensure the bowling greens would remain.
"We turned a million dollars down to get this result," he said.
"It wasn't about money. It was all about keeping bowls on the site and embracing Coorparoo Bowls Club as a community hub."
Mr Griffin said he planned to renovate the clubhouse, bar and kitchen, while keeping the feel and character of Coorparoo Bowls Club intact.
"We see an enormous opportunity to give Coorparoo Bowls Club a bright new future while respecting everything that has made this venue so special for almost 100 years," Mr Griffin said.
"Our ambition is for people to be able to come to Coorparoo Bowls Club to play bowls, enjoy a meal, catch up with friends, bring the family, or simply be part of the community."
The existing Coorparoo Bowls Club committee, which campaigned to save the club, will continue to run it with a five-year lease.
Committee chair Mark Delbridge said the deal was a triumph for the club members who fought to save the club.
"This is a really exciting new chapter for Coorparoo Bowls Club," he said.
"Our members are incredibly proud of the club's history, and the opportunity to see the venue renewed while keeping bowls at the heart of the site is a fantastic outcome."