Patrick Campion, Chairman’s Bulletin Autumn 2018

Posted on Friday, 23 February 2018

Dear Members,

Welcome to the Autumn edition of your City Tatts Magazine.

2018 has gotten off to a running start and Autumn is fast approaching. As I am sure you are aware upgrades to our Club house are happening at pace. The next quarter will see impressive changes in our Club.

I hope you all visit Míngrén, our new Asian Fusion restaurant located in the old Celebrity Lounge. (Míngrén actually means Celebrity in the Chinese Language). Also make a point to see the new 200 seat banquet and event space with a 150m2 dance floor.

You will shortly notice 194 Pitt Street’s conversion into a new high-end Women’s fashion boutique called Studio M. This is all part of the dynamic and exciting changes that are happening in our Club and will continue throughout the year.

Recently, in a special notice to Members, I communicated that we have secured a much improved deal with our development partners ICD Property and Sinclair Brook. I reiterate that the deal with ICD Property has been substantially improved, reflecting the increased value of our Club’s property.

One major benefit of the commercial deal is that our Club will immediately receive an interest free loan from ICD Property of $20 million, which has repaid the $19 million debt the Club had with ANZ Bank. This will save $150,000-a-month in interest and principal repayments. The new loan will be repaid when ICD gives our Club a $20 million payment as part of its cash contributions later in the project.

We anticipate that a new Stage 1 DA submission will be presented to the City of Sydney Council by April-May 2018.

It is expected that a stage 1 DA will be achieved by early 2019, following which the design competition and stage 2 DA process will commence.

On the 22nd February 2018 in the Omega Lounge we held an information session with an update of the progress of our development. If you missed out on that session and would like to be kept up to date, or have any questions for me or the Development Committee, please write to us at airspacedevelopment@citytatts.com.au.

Our Annual General Meeting is just around the corner, and as you will see from our CEO’s Notification on Page 7 of this magazine, the date has been set for Tuesday, 29th May 2018 at 6.00pm in the Club’s new function room on the second floor.

The final date for Board nominations is 5pm, 24th April 2018. The Board ballot will be determined by a postal vote by all eligible Members. The results of the Board election will be announced on Tuesday, 29th May 2018.

As usual, the Board will be putting a resolution at the AGM to elect Members to Life Membership. This year, 174 Members have attained 40 continuous years as a Gold or Silver Member of our Club.

I recently visited our Club’s patron and former chairman of long standing, John Healy OAM, at his home.

I was keen to have John meet our CEO. A number of club stalwarts (and good friends of John) came along to make it a bit of a party.

John is now in his 91st year and he is going well. See the photo below of the group (minus our CEO, who was the appointed photographer).

John spoke fondly of his time at the Club and how much he missed it.

In the next edition of this magazine, we will do a profile piece on John – a remarkable Club Member.

I would like to take this opportunity to wish you, your family and friends a wonderful Easter.
Please come and see for yourself the exciting changes happening in our Club house.

Patrick Campion
City Tattersalls Club