members briefing 1
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Member Presentation 1
PREFERRED DEVELOPER
Information Session for members held at City Tattersalls Club on Tuesday 4 December 2012
The PotentialTo take maximum advantage of:
• Our Club’s unique and valuable position in Sydney CDB
• Our unutilised airspace
• Our under utilised and/or unutilised areas in current Club space
City Tattersalls ClubProposed Indicative Development Option
PREFERRED DEVELOPER
Member Presentation 1
Concept Drawing
Agenda of tonight’s meeting History - Airspace Development Why Now?
194 Pitt StreetPre-DA Advice
• Confirm Committee’s proposed decision to progress to obtain a Pre-DA Advice from the Sydney City Council (SCC) at a cost not to exceed $100,000
• Provide information to members
• Receive feedback from member
NB: No commitment to development
The “seed”
• Was sown in the late 1960’s, early 1970’s
• Germinated in 2003 when made a part of Club’s Controlled Development Plan (CDP)
• Has remained a part of the CDP since 2003
Change is necessary at our Club• Change is happening around us
• Our highly competitive environment
• Ongoing challenges facing gaming (especially CBD gaming)
• 194 Pitt Street - convert from under utilised and unsustainable drain on Club to an essential part of the airspace development
• Purchased (pursuant to member’s vote) in 2007 for $9.750 in line with CTC Controlled Development Plan
• A key component in any airspace development plan
• Increased value as a key component of a development site, as compared to stand alone value
Benefits:
• Increased site area/Increased airspace potential
• Market Street prominence
• View corridors
• Higher value and dollar return to the project
It is not a development approval
• “Comfort document” from Sydney City Council (SCC) advising that a proposed development has reasonable/good prospects to be approved and on what major conditions
• Allows our Club to go to the market with higher confidence to seek an interested development partner
• Improves the quantity, quality and interest levels of prospective development partners in that it reduces risk and increases certainty
• Addssubstantialvaluetothesiteasa development proposition
PREFERRED DEVELOPER
Member Presentation 1
PREFERRED DEVELOPER
Member Presentation 1Expert Team Guiding Principles
Peter Georgeson
• Director, Georgeson Associates since 1995: 35 years experience as professional architect
• 25 years of experience in Club Industry
• 10 years involvement with City Tattersalls Club, its buildings, services and operations
• Involved in preparation of CDP in 2003 and all developments in the Club from 2004 to 2010
Jennifer Hill
• Director, Architectural Projects Pty Ltd (heritage architecture and urban design)
• 35 years of experience as professional architect
• Involved with Club on heritage issues since 2002
• Prepared a Conservation Management Plan for Club (2004) to guide future development
• From July 2010 to date, has been primary architect on Club projects
Robert McCuaig
• Director and Co-Founder of Colliers International (480 offices globally)
• Very experienced in CBD development projects (over 40 years)
• Has the necessary contacts, team, support and knowledge for such a project
• Property adviser to Federal & NSW State Governments, SCC, Westpac and Qantas etc.
• Involvement in many industry related bodies
• Prior experience working for the Club
• Retain City Tattersalls Club (CTC) as a registered Club recognising and ensuring compliance with the CTC Act and Rules
• Retain ownership of all assets by our Club
• Primary focus on Club, subsidiary clubs and members both now and in the future
• Maximise value of Club assets in short, medium and long term
• Minimise cost and maximise benefit to Club
• Minimise risk to the Club
• Achieve a long term reduction in financial dependence on gaming and secure the long term financial future of the Club
• Create a long term new business model for Club
PREFERRED DEVELOPER
Member Presentation 1Work Done To Date Concept Drawing 1 Concept Drawing 2
• Reviewed current controls for site
• Identified “highest and best” use
• Identified constraints (eg. structural, fire, traffic)
• Prepared schematic diagrams
• Met with senior Council representatives
• Submitted formal letter of enquiry to SCC (and considered verbal and written responses)
• Prepared preliminary financial modelling
• Prepared concept plan and modelling
• Research preferred development partners
• Strategic planning in relation to Club uses
PREFERRED DEVELOPER
Member Presentation 1
The ‘Proposed’ Development for the Purposes of the Pre-DA Advice
Club & Development Partner (DP) (Conceptual only - Subject to Agreement)
Concept Drawing 3
• A 40 storey tower over 3 of the existing Club buildings
• The demolition and remodelling of 196 Pitt Street to provide access, services etc to the tower
• The tower to be a mixture of serviced apartment floors and private apartment floors
• The two uses to each be a separate leasehold stratum, owned by the Club
• All title to be long term leasehold only, which ultimately passes back to the Club at lease end
• Separation of services and functionalities between the Club and the tower
• Tower built to capture view corridors in all directions
CLUB TO PROVIDE •the site•the research and IP•the Pre-DA Advice
DP TO PROVIDE •up front funds to the Club•the development consent•the construction of the tower
CLUB TO RECEIVE •up front funds from DP•renovated/re-modelled upgraded facilities to the Club•new income stream from sale of leasehold apartments and investment of proceeds•ownership of all assets
DP TO RECEIVE •long term lease of hotel apartments stratum•a superior hotel location in the CBD•access to Club amenities (restaurants, Fitness Centres etc.)
Impact• Noise
• Access
• Limited facilities
Benefits• Guarantees Club’s long term endurance and prosperity
• Eliminates dependence on gaming, leaving gaming a profit centre for Club
• Retains gaming on the ground floor
• Immediately reduces debt levels
• Secures long term financial future
• Substantially increases the asset base of the Club
• Upgrades facilities and services to members:
- a variety of restaurant offerings to the upper levels
- a state of art fitness centre and day spa.
- entertainment facilities
• Creates an efficiently organised and attractive Club
• Lifts our competitiveness in the CBD
• Attracts new members (eg. the tower population)
• Raises the Club profile to the premier (non-exclusive) CBD club in Australia
PREFERRED DEVELOPER
Member Presentation 1
Project Flowchart - Stage 1 Project Team Club Colliers
2 May 2012 INITIAL MEETING TO DISCUSS FEASIBILITY OF AIRSPACE DEVELOPMENT
MEETINGS WITH SUB CONSULTANTS
WORKING PARTY MEETINGS
DEVELOPMENT OF BEST AND HIGHEST USE
12 November 2012 REVIEW COUNCIL RESPONSE
29 November 2012 WORKING PARTY MEETINGS
4 December 2012 MEMBERS BRIEFING MEETING 1
7 November 2012 COUNCIL WRITTEN RESPONSE
CHAIRMAN’S MESSAGE TO MEMBERS
22 July 2012 BOARD MEETING
WORKING PARTY MEETINGS
12 September 2012 PRELIMINARY MEETING WITH SENIOR COUNCIL OFFICERS
2 October 2012 LETTER OF INQUIRY TO COUNCIL
PREPARATION OF SCHEMATIC DIAGRAMS
WORKING PARTY MEETINGS
BEST AND HIGHEST USE REPORT
15 October 2012 RATIONALE FOR PRE-DA APPLICATION PROCESS
29 October 2012 BOARD MEETING
PREFERRED DEVELOPER
Member Presentation 1
Project Flowchart - Stage 2
PREFERRED DEVELOPER
Member Presentation 1Project Team Club Colliers
January 2013 BOARD APPROVAL TO PROCEED
June 2013 MEMBERS BRIEFING MEETING 2
MEMBERS BRIEFING MEETING 1
FINALISE CLUB REQUIREMENTSPRE DA-SUMBISSION
COMMENCE PRE-DA DOCUMENTATION
FORMULATE LAND TITLE & HEADS OF AGREEMENT PROGRAM
IDENTIFY POTENTIAL CONTRACTING PARTIES
MEETINGS WITH CITY CLUB STAKEHOLDERS
PREPARE BRIEF FOR DEVELOPMENT AGREEMENT
Including option agreement and penalty clause
COUNCIL PRE-DA RESPONSE
REVIEW COUNCIL RESPONSE
AGM MEMBERS UPDATE
BOARD MEETING
May 2013
ONGOING INFORMATION TO MEMBERS
Where to From Here: January - June 2013
Break up of Consultants for Pre-DA Submission
Agenda
• Develop Pre-DA Submission proposal and submit proposal
• Meet with sample members including all subsidiary clubs to confirm the key elements of the Club into the future
• Receive and consider the Pre-DA Advice
• Identify potential Development Partners
• Preliminary legal advice concerning the proposal and land titles
• Issue periodic updates via quarterly Chairman’s Message and update messages on the web
• Report to members at second information session
1. Concept Drawing
2. Tonight
3. What is the Potential?
4. Pre-DA Advice
5. History - Airspace Development
6. Why Now?
7. 194 Pitt Street
8. Expert Team
Jennifer Hill Architectural Projects Pty Ltd
Peter Georgeson Georgeson Associates
Adrian Villella, Tim Blythe Urbis Planners
Peter Webber Urban Design
Bruce Davis BDA Consultants, Quantity Surveyor
Robert Weiss Engineer Partners, AC Electrical
Norman Gilmore Building Services Engineers, Lift Escalator
Graham Pindar Traffix
Paul Sloman ARUP, Environment
Aldis Birzulis Birzulis Associates
Stuart Boyce BCA Logic Pty LtdPREFERRED DEVELOPER
Member Presentation 1
Concept Drawing 1
PREFERRED DEVELOPER
Member Presentation 1
Concept Drawing 2
PREFERRED DEVELOPER
Member Presentation 1
Concept Drawing 3
PREFERRED DEVELOPER
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Concept Drawing 4
PREFERRED DEVELOPER
Member Presentation 1
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