Trading Update
The performance of Gaming in our Club continues to improve as new games and new technology is introduced. It has trended upward consistently for several months now and the outlook is good for an excellent end of year result.
All Bank covenants continue to be met and our Club’s relationships with its bank are strong.
Airspace Development Update
For those members who have not attended the Members’ Briefing Meetings on 27 and 29 October 2014, I advise that our Club and Mirvac have agreed to discontinue negotiations on the proposed redevelopment of our Club.
It is disappointing that the negotiation did not result in an agreement. However, the discontinuance does not otherwise affect the proposal or the timeframes of the redevelopment. The proposal remains a strong and exciting one that will be taken forward to a member vote.
A lot of very important work has been undertaken while the negotiations were proceeding, including;
• A Stage 1 Development Application (DA) lodged with development consent expected from the City of Sydney Council not before March 2015.
• A draft Development Management Agreement which can be provided to interested parties.
• A draft Tripartite Agreement with the developer, the ANZ Bank and City Tattersalls Club.
In addition to these items, the Club has also gained the following:
• $250,000 exclusivity payment by Mirvac which has been retained by the Club. (This exclusivity payment would have been required of any preferred developer, not just Mirvac).
• The development of the design has improved and added 100 car parking spaces.
• The market for residential development in the Sydney CBD area has improved since the original Expression of Interest, as advised by Colliers International.
Mirvac have agreed to assign all benefit of that DA to our Club together with all the rights and benefits in the reports, works and engagements of all consultants. These assignments are hugely to our Club’s advantage.
Our Club will now work with property agent Colliers International to conduct a new Expression of Interest process to find a new development partner in the period from early December 2014 through to February 2015. It is expected that a new partner will be appointed before the development consent is obtained from Council.
The ANZ Bank remains a committed partner and will continue to support the funding requirements of the Club now and into the future.
The feedback received from members at the Member Briefing Meetings, the many ‘one on one’ drop-in sessions, as well as members’ communications in general has been very positive and supportive.
A Member Briefing Meeting will be held on 1 December 2014 prior to the launch of the new Expression of Interest campaign.
Your Committee and Management is also totally committed to securing the best possible outcome for members. That commitment has not and will not change. It is expected that we will appoint a new development partner by February – March 2015 and the member vote will now occur toward the middle of 2015.
Live Music
The live music introduced to the Lower Bar, Omega and Celebrity Lounges is gathering momentum. Attendance in the Lower Bar from Wednesday – Friday evenings is growing and the feedback from members has been very positive.
The bands playing in the Celebrity Lounge each month are also attracting more people with the last performance of the Ciaran Gribbin Band an overwhelming success.
Our resident singer, Jake Edgley in the Omega Lounge, is steadily building his following at his Friday evening performances.
I encourage you to come in and experience some great free entertainment at our Club.
2015 Membership Renewals
As you will be aware, the renewal period is upon us.
As a valued Gold, Silver or Life Member you should renew before 30 November 2014 to receive a $25.00 dining voucher to use in either the Esperanto Dining Room or Zest Restaurant. Social Members are welcome to and are encouraged to upgrade to Gold or Silver memberships to receive this offer. Conditions apply.
Renewing your membership is easy, just go to boonoona.com.au. Your membership form allows you to select if you wish to continue to receive your quarterly magazine via the post. However, we are encouraging members with email addresses to receive it and other correspondence from the Club electronically. City Tattersalls Club is dedicated to being environmentally friendly and sending the quarterly magazine electronically to members allows the Club a very cost effective measure. I encourage members to opt to receive the magazine electronically.
City Tattersalls Club – Race Day
On Saturday, 18 October 2014, the City Tattersall’s Club held its annual Race Day at Randwick Race Course. A large number of members attended. A wonderful time was had by all. To the gold members who missed out in the random draw, please don’t be discouraged. Try again next year. It is the best day at the races you will experience.
Employees of the 2nd Quarter 2014
The employees of the 2nd Quarter 2014 have been named. The winners for the Front and Back of House quarter were:
Front of House: Mr Gui Rampani
Back of House: Mr Nizar Hakimjee
I congratulate the winners and all other employees who received nominations for these awards.
Club Grants
The Club Grants presentation was held on Tuesday 26 August 2014. This year there were 44 successful charities receiving a total of $422,369 with the City Tattersalls Club donating $277,122 through the Local Committee and a further $95,299 donated through the Club’s Committee. Further particulars of the donations can be found on the community pages of this magazine.
Conclusion
I take this opportunity to wish all members a wonderful Christmas, good health and prosperity in 2015.
The Committee and Management are disappointed that the member vote in relation to the Airspace Development did not happen in 2014, as that was certainly our aim. However, the vote will happen in 2015 and I thank you for your ongoing support and patience.
Patrick Campion
Chairman
City Tattersalls Club
