Cronulla Sharks buy bank to occupy
The Cronulla Sharks Rugby League Club is the latest professional football team to reweigh its property portfolio.
The group has just paid $7.1 million for a high profile double storey recently vacated Westpac branch at 94 Cronulla Street, in the suburb’s retail heart.
Also with Surf Lane access, it contains 562 square metres.
Walking distance to the train station and beach, it also offers development upside, on a site spreading 1184 sqm.
The Sharks, which turns 60 this year, will turn it into an office and retail space for a merchandise store.
Colliers’ Trent Gallagher and Edward McFarland were the agents; the vendor was a private investor which held it 26 years.
“For the community in Cronulla, having the Sharks in a main retail strip will increase foot traffic and help support local businesses,” Mr Gallagher said.
“It will also create opportunities for the local community to engage with the Sharks and their activities, which could have a positive impact on the local economy and social fabric,” according to the agent.
“Acquiring a prime location in the heart of the Cronulla Mall will provide them with greater visibility and accessibility to fans and supporter,” Mr McFarland added.
Another football club reweighs
In the neighbouring Woolooware Bay, the Rugby League team is completing a redevelopment of its home ground, part of a $300m town centre also with a supermarket based shopping complex, indoor and outdoor dining space and health and wellness space (story continues below).
The Cronulla deal comes seven months since we reported the Essendon Football Club paid $3.05m for a Windy Hill site to construct medical centre investment.
However, several AFL teams have divested gaming venues in recent years including Melbourne Football Club, which sold the Bentleigh Club for $23.7m to Luke Hartman’s Metro for a townhouse project.
Hawthorn also offloaded Caroline Springs’ WestWaters Hotel and Entertainment Complex, which it co-held with private investor David Feldman, as a freehold going concern for nearly $50m.
Sydney based Bill and Mario Gravanis, directors of Oxford Hotels, were the buyers.
Club asset: Dino Mezzatesta
The Sharks chief executive officer, Dino Mezzatesta, said the Cronulla Rd property will become a club asset.
“The building is in a prominent position and gives us a presence in one of the main entertainment and restaurant precincts in the Sutherland Shire,” he added.
“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” according to the executive.
“The first time the business has ventured down this path, the purchase was assessed in line with a thorough due diligence process and will be a wonderful opportunity for us to further guarantee the Sharks long-term financial future”.
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