Australian Rugby Development Centre

[half]

As a junior coach at Epping rugby and Epping cricket I was always led to believe the grounds at TGM if ever not used for rugby where to be returned to the family.

Meaning if it is true that Eastwood are selling the grounds i wonder aloud who will get most of the funds or does anyone have better info than me on the original trust deed from the will.

 

[wamberal]

I don't know, mate, but I doubt that the Millner family is struggling for a buck or three. So maybe they are happy with the sale.


And I also doubt that people of the calibre of the current board would sell something that they are not entitled to sell.

 

[p.Tah]

Why are they selling the land outright to North Ryde RSL? Is there a previous agreement that they need to sell it to them? $30m seems quite cheap for the size of the land given what large parcels of land are going for in Sydney. I presume the land is going to be developed. For example 8 houses in Castle Hill sold to a developer for $40m and it appears to be a smaller plot of land.

The previous deal with North Ryde RSL didn't seem a good one and to be frank on face value nor does this.

If they can, why doesn't Eastwood sell it to developers themselves? I can't imagine the RSL will develop it. They would onsell it to developers.

If Eastwood sell it they could partner with the developers and retain some of the properties. They have some assets and get a rental income. Just one way to invest the windfall.

Just one of many options, hopefully it works out.

 

[JuanBarn]

Or partner with the CSIRO as the Marsfield site across the road is also currently on the market.

 

[TOCC]

Are there no zoning restrictions on the development of the land?


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[WorkingClassRugger]

Why are they selling the land outright to North Ryde RSL? Is there a previous agreement that they need to sell it to them? $30m seems quite cheap for the size of the land given what large parcels of land are going for in Sydney. I presume the land is going to be developed. For example 8 houses in Castle Hill sold to a developer for $40m and it appears to be a smaller plot of land.

The previous deal with North Ryde RSL didn't seem a good one and to be frank on face value nor does this.

If they can, why doesn't Eastwood sell it to developers themselves? I can't imagine the RSL will develop it. They would onsell it to developers.

If Eastwood sell it they could partner with the developers and retain some of the properties. They have some assets and get a rental income. Just one way to invest the windfall.

Just one of many options, hopefully it works out.

I have seen quotes suggesting that the $30m is conservative. But, yeah. Seeing what blocks of houses have sold for you have to think that parcel could fetch a pretty penny. Wonder if auction would be worthwhile.

 

[stoff]

The RSL has a development agreement with Grocon on a number of sites (Manly in NSW, Fairfield, Williamstown, Kew in VIC, probably others). They could develop out of this partnership. http://www.afr.com/real-estate/residential/grocon-partners-with-the-rsl-in-fairfield-20160217-gmw9dk


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[half]

Why are they selling the land outright to North Ryde RSL? Is there a previous agreement that they need to sell it to them? $30m seems quite cheap for the size of the land given what large parcels of land are going for in Sydney. I presume the land is going to be developed. For example 8 houses in Castle Hill sold to a developer for $40m and it appears to be a smaller plot of land.

The previous deal with North Ryde RSL didn't seem a good one and to be frank on face value nor does this.

If they can, why doesn't Eastwood sell it to developers themselves? I can't imagine the RSL will develop it. They would onsell it to developers.

If Eastwood sell it they could partner with the developers and retain some of the properties. They have some assets and get a rental income. Just one way to invest the windfall.

Just one of many options, hopefully it works out.

Agree seems very strange 30 million ... and why to the RSL..

 

[half]

We still have a home in Epping and TGM has been a reasonable part of my 33 years in Epping and more recently the CC.

From the SMH article.

http://www.smh.com.au/rugby-union/u...r-oval-to-north-ryde-rsl-20170220-gugtb9.html

Eastwood Rugby Club, founded 70 years ago on six hectares of land given to the club by the family behind the Soul Pattinson pharmacy fortune, is in advanced negotiations to sell the sites freehold to North Ryde RSL in a deal that property experts have estimated to be worth at least $30 million.

Thats almost 15 acres of land and developers work on 70% being available to develop and 30 % for roads, footpaths parks etc.

10.5 acres you can build on. In that part of the world even without high-rise, simply townhouses that is way way way above 30 million. Guess it depends on how much can be developed.

 

[TOCC]

How about the elephant in the room, if they sell their grounds where do they play?


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[p.Tah]

Wasn't there talk a few years back of them moving to the Castle Hill area?

 

[wamberal]

Wasn't there talk a few years back of them moving to the Castle Hill area?

There was some talk about Parramatta moving to the Hills District.

 

[wamberal]

How about the elephant in the room, if they sell their grounds where do they play?


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One would hope they have plans for all eventualities. As I have said before, there are some very impressive individuals on the board.


BTW, the SMH article says that the expected sale price is "at least $30 million". Let us not get our knickers in a knot about what the dollars are at this stage, they could be a lot more than that.


As for North Ryde RSL being the purchaser, maybe we can hope that the sale will be conditional on some sort of continuing presence for the rugby club as part of the deal?

 

[WorkingClassRugger]

There was some talk about Parramatta moving to the Hills District.

There was a proposal to merge bpth Parra and Penrith to form the Western Two Blues and move them to Blacktown.

 

[Twoilms]

Why are they selling the land outright to North Ryde RSL? Is there a previous agreement that they need to sell it to them? $30m seems quite cheap for the size of the land given what large parcels of land are going for in Sydney. I presume the land is going to be developed. For example 8 houses in Castle Hill sold to a developer for $40m and it appears to be a smaller plot of land.

The previous deal with North Ryde RSL didn't seem a good one and to be frank on face value nor does this.

If they can, why doesn't Eastwood sell it to developers themselves? I can't imagine the RSL will develop it. They would onsell it to developers.

If Eastwood sell it they could partner with the developers and retain some of the properties. They have some assets and get a rental income. Just one way to invest the windfall.

Just one of many options, hopefully it works out.

Valuation of land is not that simple. There are a wide variety of factors that play into how you assess what land is worth, and there are professionals who do this (for a lot of fuckin' money).

For example, comparing those two plots of land. Hypothetically, those 8 houses may have fallen within a medium or potentially high density zone, meaning a potential developer will have a higher yield from any development on that site than in, say a low density residential zone. They also probably had to pay a premium on the market rate for those properties. Developers also typically throw in a lump sum for relocation costs to sweeten the deal.

Compare that to the purchase of a playing field. It's unlikely the planning controls would allow for any kind of profitable development on the land from the outset. I can't be bothered to check, but i'm willing to bet the zoning won't allow for residential flat development (developers holy grail). This means the developers will have to liaise with Council and make an application to the state government (planning proposal) to rezone the land before it's useful. This takes forever and will bugger anyone with significant holding costs (interest on a bank loan, typically).

TL;DR i'm sure they paid the fees to have the land properly assessed before agreeing to a sale.

 

[Strewthcobber]

^^^
Currently zoned as private recreation

http://www.legislation.nsw.gov.au/m...300bee42289/6700_COM_LZN_004_010_20160719.pdf

Zone RE2 Private Recreation
1 Objectives of zone

• To enable land to be used for private open space or recreational purposes.​

• To provide a range of recreational settings and activities and compatible land uses.​

• To protect and enhance the natural environment for recreational purposes.​

• To ensure that the use and development of the land minimises any adverse effect on the amenity of the locality.​

2 Permitted without consent

Environmental protection works​

3 Permitted with consent

Business identification signs; Community facilities; Environmental facilities; Kiosks; Recreation areas; Recreation facilities (indoor); Recreation facilities (outdoor); Registered clubs; Restaurants or cafes; Roads; Water recycling facilities​

4 Prohibited

Any development not specified in item 2 or 3​

 

[Twoilms]

^^^^
TY. Looking at permissible uses my guess is that the RSL wants to expand.

 

[p.Tah]

^^^well sell it to them for a share in the RSL

 

[JuanBarn]

The below section is from the e-mail I posted in the SS forum. Looks like they are going to redevelop, maintain the no.1 field, housing could go up the back. Am guessing after the development they will be looking for a new primary sporting tennant. Not sure what the status of the long day care center is.

"Anyone associated with Eastwood Rugby knows that the maintenance and other costs associated with TG Millner Field were an ongoing and significant financial burden for the Club for many years and in more recent times the limitation on our operations at TG Millner have severely restricted the Club's income. Following the sale, we will retain the right to play at TG Millner for a period of time and supporters will be pleased to know that the RSL’s plans include a new licensed premises at the ground. "

 

[wamberal]

As always, the devil will be in the detail. But I am very confident that the current board will avoid some of the mistakes of the past.


For example, running into debt to the tune of million buckerinos.