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

[Casper The Ghost]

http://www.realcommercial.com.au/commercial-real-estate/5698869

LANDMARK CORNER LOCATION

On behalf of Parramatta Leagues Club Limited, one of Parramattas recognised corner locations is available by way of Public Auction.

DA approved for construction of 3 office buildings, car park and the restoration of the 2 existing cottages.

* Situated on a Total Site Area of 2420sqm (approx)
* 2 Street Frontages
* Potential for Further Residential Development Potential (STCA)
*Will Be Sold!

Auction: Tuesday 12 October 2010 at 10:30am 55 Harrington Street, Sydney.

Details Laing + Simmons Parramatta Commercial 9635 4555.
Ray Fayad 0411 332 552
John Bryant 0412 444 805
Joseph Assaf 0401 397 696

Listing Summary

Address 46-48 O'Connell Street & 1-3 Grose Street PARRAMATTA NSW, 2150 Categories

• Offices
• Retail
• Land/Development

Contract Type: For Sale
Sale Type: For Sale - Auction Tue 12-Oct-2010 10:30am
Floor Area: 200.00sqm (approx) Land 2420.00
Sales Price: AUCTION

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Has the club set a reserve on this asset?
or
Will it be sold regardless of whatever price is fetched at auction, i.e. a bargain buy investment (*Will Be Sold!)?

Could there be developers involved, those behind the 3P scene, keen on this acquisition?

We can cause all the dust storms we want to blind everyone from seeing what is ahead...... blame Anderson for this... we need a 7, 6 & 9....., the culture crisis..... a fallout between board and DA.... etc, etc, etc,,, BUT be alert because while all the dust-storm distractions are aplenty, the club is being carved up and more than likely sold out from under all members & fans feet.

 

[Casper The Ghost]

Has the club set a reserve on this asset?
or
Will it be sold regardless of whatever price is fetched at auction, i.e. a bargain buy investment (*Will Be Sold!)?

Could there be developers involved, those behind the 3P scene, keen on this acquisition?

We can cause all the dust storms we want to blind everyone from seeing what is ahead...... blame Anderson for this... we need a 7, 6 & 9....., the culture crisis..... a fallout between board and DA.... etc, etc, etc,,, BUT be alert because while all the dust-storm distractions are aplenty, the club is being carved up and more than likely sold out from under all members & fans feet.

 

[Tony Bongo]

Note the *WILL BE SOLD. I assume that means no reserve. I also note the mention of the DA approval including the restoration of the two existing buildings. They may be heritage listed which would restrict any re development potential for the club if they have to stay. If not I would think this would be a great asset for the club to hold onto.

 

[Maroubra Eel]

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?

 

[Tony Bongo]

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?

Anyone want to buy a good coach?:sarcasm:

 

[Parramatta1947]

That little house to the left of the club in the second picture - I haven't walked past it for a while but who lives there? That would be the best location : )

 

[cv8z]

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?

you guys are funny, bakers mew was empty for how long and at what cost built by whom?

 

[Nikki]

Build a carpark on it FFS!

 

[yy_cheng]

"Will Be Sold"

Is just marketing hype.

 

[oldmancraigy]

I don't see the advantage of continuing to pay council rates etc on that particular block of land.

 

[Hollywood Jesus]

DA approved for construction of 3 office buildings, car park and the restoration of the 2 existing cottages.

Why don't we develop and lease it?

 

[cv8z]

Why don't we develop and lease it?

Have a look across the road

 

[Maroubra Eel]

Why don't we develop and lease it?

No doubt somebody will.

 

[Twizzle]

Its obviously not providing any income atm, so either we develop it or cash it in.

Developing it would take years and cost heaps, so obviously looking for a return now.

 

[bartman]

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?

Exactly.

Interesting that in all the chaos of the past 18+ months since the electioneering, the one positive that people put forward on the behind the scenes damage to our stability (and its impact on on field performance) during this time, is that the new board got the club going forwards financially...

You really have to look at those claims in detail, to understand the how and why that has been possible - the selling off of assets, the culling of virtually all existing staff and new working conditions for those who replaced them - and to decide whether that's the direction we are comfortable for them to take our club in.

Will be interesting to see the "spin" put on the financial results in the lead-up to the elections, since the actual detailed audited financial results (ie the truth) won't be released until afterwards. Fool me once, don't fool me twice....

 

[TheParraboy]

Region needs a good hot dog kiosk

 

[Hollywood Jesus]

Have a look across the road

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?

Exactly.

Interesting that in all the chaos of the past 18+ months since the electioneering, the one positive that people put forward on the behind the scenes damage to our stability (and its impact on on field performance) during this time, is that the new board got the club going forwards financially...

You really have to look at those claims in detail, to understand the how and why that has been possible - the selling off of assets, the culling of virtually all existing staff and new working conditions for those who replaced them - and to decide whether that's the direction we are comfortable for them to take our club in.

Will be interesting to see the "spin" put on the financial results in the lead-up to the elections, since the actual detailed audited financial results (ie the truth) won't be released until afterwards. Fool me once, don't fool me twice....

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.

 

[cv8z]

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?
Your right
Bakers mew was a great investment
We should get into more developments and lease them out



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.

 

[fish eel]

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.

Sure, but keep in mind a contributing factor was also declining turnover inside the leagues club

Dont have them handy, but my recollection is that the last couple of annual reports under the previous regime showed the turnover inside the leagues club was falling.

Any claims made should be looked at, absolutely. Not just the bottom line, but also how is the actual operations of the club performing on a day to day basis

 

[cv8z]

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 ?