Dear Members,
I’m delighted to inform you that City Tattersalls Club members voted in favour of the proposed airspace development above the Club’s Pitt Street premises, officially giving the project the thumbs up and clearing the way for the Club to sign a Development Management Agreement (DMA) with partners ICD Property and Sinclair Brook. The resolutions were passed with a 93.6% majority voting in favour of the development which will see $96 million in value flow to the Club.
I’d like to thank the Club’s members for voting by postal ballot and coming out last night to overwhelmingly support the development project. The majority in favour of the project was phenomenal and, as far as we know, a record in the club’s 120 year history. Members have recognised the long-term value of the project, which secures the Club’s future and will transform our existing facilities and venues and deliver an array of new facilities and services. I’d also like to thank the Committee, Club Management, and our advisors for many years of work that has gone into developing this opportunity and I’m delighted that we are now able to proceed full steam ahead. I would also like to thank ICD and Sinclair Brook for all their efforts.
The Club has made good progress with the project this year. Today, Club Management signed a DMA with ICD Property and Sinclair Brook. We have submitted a far better stage 1 development application (DA) and we have received feedback from City of Sydney Council to which we have responded. Council will now go through its process in analysing the Club’s application. Following approval from Council, the Club will embark upon an expression of interest (EOI) campaign for the right to part own and/or operate the 100 room hotel and the Design Excellence competition will also be officially launched.
The $96m total value to the Club will be allocated as follows: $71m (excluding GST) towards the design and development work on the new Club and hotel, $20m (excluding GST) to the Club fit-out works and $5m (excluding GST) in cash.
Members have voted in favour of change and in favour of an exciting new future. Members have recognised the long-term value of the project, they share our vision for the Club, and they understand that the project will secure the Club’s future and for the benefit of members.
With this development project now underway, City Tattersalls Club has an exciting future and a new sustainable business model. With your vote of approval, City Tattersalls Club will be a feature of Sydney’s CBD skyline and entertainment scene for generations to come.
Yours sincerely
Patrick Campion
Chairman
City Tattersalls Club
