City Tattersalls Club rethinks redevelopment plans

An impression of part of the lodged redevelopment proposal for Sydney's City Tattersalls Club. Source: Supplied

A fresh campaign for the site, on the corner of Pitt and Market Street, has drawn strong interest from developers after Mirvac Group pulled back from a development venture last late year.

“We are assessing these EOI’s to ensure that the development project will serve the best interests of our members,” club chairman Patrick Campion said.

The joint venture opportunity was marketed by Colliers International and attracted the interest of developer Toga Far East, and its local and offshore peers.

The club lodged a development application last year and remains confident about its prospects. That proposal included a 48-storey tower with more than 200 apartments, a 4.5 star hotel, as well a restaurant and facilities.

Mr Campion flagged the club may take advantage of its unique location, writing that “in addition to that DA, our club is also exploring other development options that have now arisen and are sufficiently attractive to warrant further investigation”.

While David Jones has been billed as a key player in the redevelopment, as it owns a neighbouring site that would help maximise the club’s holding, the retailer is focused on plans for its four key Sydney and Melbourne properties, that have an estimated worth of up to $1 billion.

The retailer had signalled its interest in the club site, subject to a deal improving returns for its shareholders, but declined to comment yesterday. The club will update members on its latest scheme on April 28.

Source:  The Australian - 16th April 2015