This article is from the Australian Property Journal archive
THE City Tattersalls Club has selected Mirvac as the preferred developer for the proposed redevelopment of its premises at 194-200 Pitt St in Sydney's CBD.
Mirvac was selected after a three-month selection process. Located on a site of 2,339 sqm in the heart of the CBD, City Tattersalls Club has three heritage-listed buildings dating back to over 100 years, and an under-utilised airspace.
The proposed redevelopment is part of an ongoing controlled development plan commenced in 2004. The proposal comprises a 48-storey mixed use building including upgraded member’s facilities from basement to Level 7 covering 10,000 sqm, a 4-star 100-room hotel from Levels 8-13 and apartments over 34 floors and a fine-dining terraced restaurant on Level 7.
“This is a great partnership opportunity for our members and for the future of the club,” City Tattersalls Club chairman Patrick Campion said.
“We received strong interest from a range of reputable property developers with skills in large-scale, high-rise mixed use development projects and we feel confident that Mirvac meets our requirements and has the closest alignment to our objectives of strengthening the club’s facilities for current and future members.
“The next stage will be seeking member approval for the redevelopment proposal. We are working closely with members to inform them about the proposal and next stages of the process,” Campion said.
“Our objective is to reduce the club’s financial dependence on gaming by providing an array of new facilities and services for existing and new members,” City Tattersalls Club CEO Tony Guilfoyle said.
“We expect the new offerings will attract local, interstate and international members to the club, helping to secure the club’s future. Importantly, the indicative development proposal unleashes the potential of the club’s under-utilised airspace while retaining our heritage buildings,” he added.
Mirvac CEO residential John Carfi said the prime CBD location provides Mirvac with an excellent opportunity to deliver quality residential apartments as part of a large mixed-use development in a currently under-supplied market.
“Future purchasers will have unrivalled access to retail amenities, public transport, restaurants and bars,” he continued.
To ensure corporate governance policies are implemented City Tattersalls Club has engaged KPMG as its corporate governance advisor.
“We are putting in place protocols to ensure risk to the club is minimised and the club’s guiding principles are observed,” Campion said.
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