Landmark Corner Block For Sale (On Behalf Of The Parramatta Leagues Club)

[^b0ss^]

i say get rid of it ....and get something in there. i dont think anything has been there for about 20 yrs.

its just a vacant block.

 

[eels81236]

Good idea? Depends. It's impossible to say with such limited info, obviously.

Will the immediate sale of the property generate maximum earning potential for the club?
Will monies generated be re-invested?
Will monies generated be re-invested in it's entirity? If not, what percentage will be?
When and in what sector/s will the monies be re-invested?
What percentage will be spent reducing debts and overheads?
What percentage will be "disposable?

Answers to those questions would help make up my mind. Until then i'll reserve judgement. I'm certainly not against the idea in principle.

 

[1 Eyed TEZZA]

I wonder how much this block would be worth?

 

[Maroubra Eel]

I wonder how much this block would be worth?

Well it's DA approved for 3 office buildings, so depending on the size of the office buildings approved, it could be worth plenty to potential developers.

 

[Maroubra Eel]

btw why does DA approve the office buildings? He should just stick to coaching.

 

[born an eel]

you know that whatever DA approves of the board will take the opposite view, that block was acquired under DF so has to go like all the others DF engagements.:sarcasm:

 

[cv8z]

you know that whatever DA approves of the board will take the opposite view, that block was acquired under DF so has to go like all the others DF engagements.:sarcasm:

If the house wasn't heritage listed then yes develop it. But like bakers mew. It's a dud to hang onto ESP for offices.

 

[Maroubra Eel]

If the house wasn't heritage listed then yes develop it. But like bakers mew. It's a dud to hang onto ESP for offices.

Maybe the house will catch fire. That has been known to happen when heritage listings get in the way.

 

[cv8z]

Maybe the house will catch fire. That has been known to happen when heritage listings get in the way.

it would certainly more than double the price
they would only have thousands of persons of interest

 

[eels81236]

Maybe the house will catch fire. That has been known to happen when heritage listings get in the way.

Don't give Guru Snr any ideas!! :crazy:

 

[cv8z]

Don't give Guru Snr any ideas!! :crazy:

:lol:

 

[belmoreeel]

Build a carpark on it FFS!

X 100 if the building is heritage listed use it as the office and build the carpark around it above it underneath it

 

[Jodeci]

I dont understand why people are whinging about this.

The market controls how great the asset really is. The way the economy has been a year or so ago that block was worth peanuts but then property boomed again and it's now worth something.

In 12 months it could be worth nothing again. It's peak period now with property as the days of buying a home under $500k are gone!!!!

So why are we crying over a block of land??? Sell the thing and put the money back in getting our leagues club up to scratch.

We all complain about the facilities of our Leagues Club, the sale of this will help us renovate inside.

I bet half of you didn't realise we owned this block of land.

If we were to get a property developer to build units or office space, it would cost us an absolute truck load of money and it's money we dont have sitting somewhere.

 

[cv8z]

I dont understand why people are whinging about this.

The market controls how great the asset really is. The way the economy has been a year or so ago that block was worth peanuts but then property boomed again and it's now worth something.

In 12 months it could be worth nothing again. It's peak period now with property as the days of buying a home under $500k are gone!!!!

So why are we crying over a block of land??? Sell the thing and put the money back in getting our leagues club up to scratch.

We all complain about the facilities of our Leagues Club, the sale of this will help us renovate inside.

I bet half of you didn't realise we owned this block of land.

If we were to get a property developer to build units or office space, it would cost us an absolute truck load of money and it's money we dont have sitting somewhere.

DF built some offices which were lemons so it's probably not high on the list
I agree they should sell it and invest in the club and put in the escalators they been talking about
Not to mention there's a sh*tload of improvements needed at the club
That's where the investments should be and make it more family/fan friendly

 

[Gronk]

Good idea to flog it. It'll no doubt go for a song as most developers wouldn't touch it. Not only is the joint across the road struggling, commercial finance is hard to get unless you're geared low.

Many of my client developers with good track records are finding it tough to get finance or banks are setting conditions like securing an anchor tenant or 50%+ of strata pre-sales before they will fund construction. Under those circumstances you can't buy the dirt at auction and hope for the best.

 

[whitediamond]

Bartman you are a fool get a life outside of football

 

[Freak2]

The story is not the selling of this property, the story will be who buys it and at what price?
From there it is a decision by the board as to where BETTER to invest. A board we all voted for.

 

[Redback71]

 That's the way. Sell off the assets and declare we made a profit. What will they do when we have nothing left to sell?

Sounds like the Liberal government :sarcasm:

 

[cv8z]

Good idea to flog it. It'll no doubt go for a song as most developers wouldn't touch it. Not only is the joint across the road struggling, commercial finance is hard to get unless you're geared low.

Many of my client developers with good track records are finding it tough to get finance or banks are setting conditions like securing an anchor tenant or 50%+ of strata pre-sales before they will fund construction. Under those circumstances you can't buy the dirt at auction and hope for the best.

I reckon it's a good idea too unless they can DA them for residential then flog them, would like to know the total loss of rent over the road whilst they have been empty and for how long they were empty, i know they were hard to lease

 

[Hollywood Jesus]

HJ I'm referring to bakers mew. Not the club
That was a dud of a development and was empty for years
Why would you want the same thing to happen ?

Well, it comes back to my original point - either this is a location that has development potential or it isn't.

If it isn't, then why sell it when it will not attract anything?

If it is, then why not do it ourselves and reap the rewards over a longer term?

It could very well be that an upfront cash return from sale is better than any long term prospect. If so then this is cool. I'm just wondering if this is the case.

I just don't think it logical to sell off property that has development potential (which seems to be what we're saying in trying to sell it) when we could make use of it ourselves.