Redfern RSL Explores its Potential

The Redfern Street club, on a 1638sq m site, is the latest Sydney club needing to capitalise on the value of its real estate to survive.

The RSL recently appointed CB Richard Ellis to seek expressions of interest in redeveloping the site, following the lead of Souths Leagues Club's $35 million project which included a new football club headquarters and 10,000sq m of commercial space.

David Milton from CB Richard Ellis said others clubs had sought to unlock the capital tied up in their real estate by teaming with residential developers. "We're expecting to see more of these types of transactions in the future as clubs place an increased emphasis on the value of their real estate," Mr Milton said.

"By striking these types of agreements, the clubs can update their facilities for members while developers can access sites not readily available in the current market."

Redfern RSL general manager Peter Butcher said the club wanted to provide existing members with new premises and be proactive in extending the membership base.

CBRE associate director Nathan Egan said there was significant potential to develop the site, where zoning allowed for a floor space ratio of 7:1 and a height limit of 18 storeys.

Expressions of interest close July 10.

Source: Central 11 June 2008