City Tattersalls Club sells Sydney headquarters for $24.7 million
To alleviate its current cash burden, City Tattersalls Club has sold off its downtown Sydney headquarters for $24.7 million.
The partially heritage-listed property at 194-204 Pitt Street was sold to a consortium led by Singapore-listed First Sponsor Group, which has a 90.5% holding.
The deal closed approximately a week ago and First Sponsor is now working with Melbourne-based property developer ICD Property to redevelop the 3200sq m property.
The Consortium has approval for a 50-storey mixed-use tower that includes 241 apartments, new ground-floor retail and restaurants, an upgraded lower bar and grill, and a commercial wellness centre.
It also includes a 101-room hotel.
The original club premises and a basement is part of the development, however, the facade and key interior features will be retained and restored.
“The club explored several options to sell, and ultimately, accepted the best offer presented, which came from the consortium led by First Sponsor,” City Tattersalls Club chairman Patrick Campion said.
“This deal will safeguard the club’s future and will enable City Tatts and members to fully embrace its Castlereagh facility. We deeply value the commitment and support of our members as we navigated the options available to us.”
A controversial stewards' decision at a Kensington racecourse in 1895 sparked the formation of the City Tattersalls Club. The incident, which unfolded on April 6, left a group of bookmakers fuming and ultimately led them to create their own social space.
According to accounts, Merry Girl, the favourite at 6-1 odds, won the final race of the day. However, stewards disqualified the horse due to being two pounds overweight. Pearl Powder, the second-place finisher at 5-2 odds, was then declared the winner.
This decision proved highly unfavourable for the paddock bookmakers who had heavily backed Merry Girl. Angered by the outcome and believing the disqualification was unfair (particularly as the jockey weighed in with his whip), the bookmakers refused to pay punters who had placed winning bets on Merry Girl.
This act of defiance resulted in their expulsion from the racecourse. Unbowed, the disgruntled bookmakers banded together and shortly after formed the City Tattersalls Club.
Jonathan Jackson, 23rd July 2024
