This article is from the Australian Property Journal archive
THE NRL’s Cronulla Sutherland Sharks have snapped up a former Westpac branch building in a local drag for $7.1 million, where they will set up a new office and merchandise store.
Cronulla Sutherland Leagues Club have bought the 562 sqm retail and commercial freehold in the heart of Cronulla Plaza at 94 Cronulla Street from vendor, Samglade Pty Ltd, which had held the property for over 26 years.
The deal was negotiated by Trent Gallagher and Edward McFarland of Colliers.
“For the community in Cronulla, having the Sharks in a main retail strip will increase foot traffic and help support local businesses,” Gallagher said.
“It will also create opportunities for the community to engage with the Sharks and their activities, which could have a positive impact on the local economy and social fabric.”
McFarland added, “For the Sharks, acquiring a prime location in the heart of Cronulla Mall will provide them with greater visibility and accessibility to fans and supporters”.
Founded in 1963, the Cronulla Sharks Rugby League Club is currently completing the redevelopment of its home field Shark Park as part of the $300 million Woolooware Bay Town Centre, which will include two large supermarkets, indoor and outdoor dining, specialty shops and a health and wellness precinct.
Group CEO Dino Mezzatesta, who with members of the Sharks board of directors oversaw and negotiated the purchase, was confident the building would prove to be a valuable Club asset.
“The building is in a prominent position and gives us a presence in one of the main retail, entertainment and restaurant precincts in the Sutherland Shire.
“It is also a substantial addition to our asset base, can accommodate Sharks staff and will increase our income and revenue through a new merchandise outlet.”
