How much money will the Sharks make from this development, in total?
how long is a piece of string.
i can explain the following
we are currently in debt of about 12 million.
we are expected to be running at a loss of last FY of 1 million. down from a 3.4 mill loss in 09/10. the external auditors havent released the figures however it must be soon as the AGM and election is up soon.
if the development is approved the land goes up in value to around 35 million or something. its current value is 8 or so. lower than the debt. a major concern to the bank.
if it gets approved there is instant relief there as we will be seen to have become stronger over night and in a much less precarious position.
the developers are also throwing in money as an up front payment. this is a loan. i believe the latest figures on that are 7 million of the debt. essentially freeing us up to be less of a shoe string operation.
from here...
The club forecasts 1-2 million a year in rental takings from the commercial side. we still own the land title. we havnt sold it, however have gone into business to develop it properly.
the residential side we will receive a percentage (figure floated was 10) of each residential unit sold. they are pushing for 700 units at about 350k upwards.
further more the foot traffic around the club, combined with the new australand development up the road has been forecasted to have the leagues club a more viable business (it actually hasnt been doing badly)
i also get the feeling part of the overall plan is to make a move away from total pokie reliance. although they..like all clubs would rather not.
