The Redfern
Street club, on a 1638sq m site, is the latest Sydney club needing to
capitalise on the value of its real estate to survive.
The RSL recently appointed CB Richard
Ellis to seek expressions of interest in redeveloping the site, following the
lead of Souths Leagues Club’s $35 million project which included a new football
club headquarters and 10,000sq m of commercial space.
David Milton from CB Richard
Ellis said others clubs had sought to unlock the capital tied up in their real
estate by teaming with residential developers. “We’re expecting to see more
of these types of transactions in the future as clubs place an increased
emphasis on the value of their real estate,” Mr Milton said.
“By striking these types of agreements, the clubs can
update their facilities for members while developers can access sites not
readily available in the current market.”
Redfern RSL general manager Peter Butcher said the club
wanted to provide existing members with new premises and be proactive in
extending the membership base.
CBRE associate director Nathan Egan said there was
significant potential to develop the site, where zoning allowed for a floor
space ratio of 7:1 and a height limit of 18 storeys.
Expressions of interest close July 10.
Source: Central 11 June 2008