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

[Gronk]

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.

They have already "added value" to the asset. They have a DA and have cleared the site save the heritage items.

Selling the property now makes sense and allows you to free the up the equity.

The club has owned this site for a while and I'm sure that they have made a tidy profit as it is.

 

[Tony Bongo]

They have already "added value" to the asset. They have a DA and have cleared the site save the heritage items.

Selling the property now makes sense and allows you to free the up the equity.

The club has owned this site for a while and I'm sure that they have made a tidy profit as it is.

I did notice that they had cleaned the site up which they probably had too since they were using it for storage while renovating across the street. Making a tidy profit by having held it for so long is not surprising nor would I be surprised if they made more in the furture by hanging onto it.
I don't think this sale is a bad idea but I have questions around what they are going to use the profits for and what the plan is for remaining assets. If the long term plan is to move the club closer to central Parra, as I have heard, then why build an escalator or renovate the existing one? What will happen to the existing club? What is the time frame for the planned move?
I'm sure the answers to these questions are probably very simple but does anyone here have any details on what those answers might be?

 

[cv8z]

I did notice that they had cleaned the site up which they probably had too since they were using it for storage while renovating across the street. Making a tidy profit by having held it for so long is not surprising nor would I be surprised if they made more in the furture by hanging onto it.
I don't think this sale is a bad idea but I have questions around what they are going to use the profits for and what the plan is for remaining assets. If the long term plan is to move the club closer to central Parra, as I have heard, then why build an escalator or renovate the existing one? What will happen to the existing club? What is the time frame for the planned move?
I'm sure the answers to these questions are probably very simple but does anyone here have any details on what those answers might be?

I think the old David Jones site is out of the question now Meriton own it, they will build units no doubt
Looks like they will stay where they are so they may aswell invest in it

 

[Maroubra Eel]

Have we got anything else to sell? Or is this the last property?

 

[Gronk]

Have we got anything else to sell? Or is this the last property?

The club at Dundas Valley ?

 

[Tony Bongo]

Have we got anything else to sell? Or is this the last property?

I think we also own 17, 19, 50, 50a and 52 O'connell St. It's a lot to own in one vacinity. I don't know which property has already been sold though, does anyone else?

 

[bartman]

Bartman you are a fool get a life outside of football

:lol: Aw, did my opinion upset someone? Is your idea of discussing different points of view here typing a one sentence personal insult?

I have a very good life these days, thanks for asking.... I don't come on here much at all these days, and football is not (and never has been) the biggest thing in my life. But I also have opinions about football, and like anyone else reserve my right to express them here if I feel like it.

 

[Ron Jeremy]

At the Leagues Club? What's that got to do with anything?

If it can hold office space then that means it can be developed and used to generate an ongoing income. It seems as if the whole point of buying this would be to do exactly that.

No one would buy it if it didn't offer profitability. So why aren't we going to be the ones that make a profit?



Let's not forget that our "losses" under the previous group were largely due to asset depreciation and that a lot of our "profits" under any new figures would be due to re-appreciation of that same property.

Any claims made by the new group need to be taken with a grain of salt. Selling off property for short term gain can be a bad thing in a market that is rising. Similarly, that market rise can be spun (read: ignored) by any group who want to take credit for growth they had nothing to do with.

"We were losing money under Fitzgerald but now we're back to profitability! We're the greatest!" will most likely be a largely illegitimate claim.

I totally agree with HJ on this, whilst i disagree with alot of what HJ says on these boards, he told me when the new board was announced that he was worried about selling off etc, he was right on the money, and tbh i think it is a stupid stupid decision.

 

[Gronk]

I totally agree with HJ on this, whilst i disagree with alot of what HJ says on these boards, he told me when the new board was announced that he was worried about selling off etc, he was right on the money, and tbh i think it is a stupid stupid decision.

I think it's a stretch for you to make assumptions without having all the facts. Perhaps they are selling off the block to provide some debt relief on the Mews development ? Perhaps with debt reduction on the mews development then then the Mews might end up positively geared and actually make money for the club ?

 

[cv8z]

I totally agree with HJ on this, whilst i disagree with alot of what HJ says on these boards, he told me when the new board was announced that he was worried about selling off etc, he was right on the money, and tbh i think it is a stupid stupid decision.

It's more than likely going to be poured back into the club
Have you seen what changes are going on at the club?

 

[Jodeci]

I think it's a stretch for you to make assumptions without having all the facts. Perhaps they are selling off the block to provide some debt relief on the Mews development ? Perhaps with debt reduction on the mews development then then the Mews might end up positively geared and actually make money for the club ?

Mews

What a great development........

Is anyone actually in there? Everything I drive past, it still has office space available.

That was a waste of money

 

[born an eel]

so going by what's been said in this forum we will have to pay for someone to take this property off our hands as all the "property moguls" say you can not make money off this site.

How are we going to develop the club if we can not sell it for a decent price?

 

[Maroubra Eel]

so going by what's been said in this forum we will have to pay for someone to take this property off our hands as all the "property moguls" say you can not make money off this site.

How are we going to develop the club if we can not sell it for a decent price?

I have a feeling someone will buy this property and make some money out of it. Why would anyone buy it otherwise.

 

[Jodeci]

It will get a very good price

 

[MarkInTheStands]

As long as the place is sold for commercial then we have little problems. The reason these sites were purchased, was that during the 90's he clubs could stay open 24/7 as long as there were no noise complaints. As such the club went out and purchased all the remaining residential property that was directly affected by the Leagues club traffic that it could. This site was one of them, the DA would have been simply to help with the re-zoning of the lot to a commercial instead of residential.

I know there is works happening at the leagues club, the Video wall in the Hall of fame is going to be removed and the elevators will go right though the middle of the hall of fame.

Last time the club "improved" itself was with the Reno Gardens area (Outdoor Pokies area at the South end of the Main Pokie floor, and that cost $4 million, I think putting escalators in might be a tad more costly.

But to the comments of the current "renovations", a new coat of paint is not exactly a renovation.

 

[MarkInTheStands]

Mews

What a great development........

Is anyone actually in there? Everything I drive past, it still has office space available.

That was a waste of money

The mews was 50% full at the election, then last year Mario Libertini told Suity and I it was almost 75% used, since then a medical imaging company has moved in recently (I walk past it daily).

There is still space available, but we are coming out of an economic slow down and more and more is getting used. Time will tell on that development.

 

[born an eel]

It will get a very good price

so others will see the potential in this site that we can not?

 

[Gronk]

so others will see the potential in this site that we can not?

You're convinced that this is a missed opportunity aren't you ?

Or perhaps your just stirring the pot.

 

[Suitman]

so others will see the potential in this site that we can not?

Maybe others will have the finances to develop the site while we may not......

Suity

 

[Gronk]

Maybe others will have the finances to develop the site while we may not......

Suity

Not only that, we might need the $XM that we have in this block to put back into the club. As opposed to borrowing a stack more and then waiting for 24 months before we could start getting a return.