TIGERS Rozelle Development

[madunit]

I was just looking through the Timeline section of the Tigers site.

This bit caught my eye:

Acting on the suggestion made by the town planners at Leichhardl Council, Balmain Leagues Club acquires Byers Meats on the corner of Darling Street and Waterloo Street, Rozelle for $4,250,000.00.Acting on the same advice, Baimain Leagues Club acquires the adjoining property on Victoria Road, Rozelle, owned by Balmain Engineering and settles the transaction in July, 2006\. The purchase price was $3, I 00,000.00.
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4.25 million for a small butcher shop
3.1 million for a similarly sized property next door to the club

Those prices have to be a long way too high. At least double the price for both.
Balmain had to borrow 5.4 million from the NRL a few years later.

Why did they pay such a high price for these two properties?

 

[innsaneink]

Benny owned them?

 

[innsaneink]

Googling Grand Rozelle Pty Ltd brings up very little, nothing to be precise

 

[madunit]

I heard one rumour (which has zero evidence behind it that I can find) suggesting Wests Ashfield is a stakeholder in Grand Rozelle

 

[Harvey]

Benny owned them?

Might have just advised the club to buy them, and acted as real estate agent for commission.

 

[madunit]

Benny owned them?

Might have just advised the club to buy them, and acted as real estate agent for commission.

I started laughing.

Then stopped and though "Actually, that's plausible for that Elias *swear words*"

 

[Balmainbred]

Ink I did a search on owners of grand rozelle and all I found is they trade as gran associates Aust pty ltd at a address as lvl 1 597 darling st rozelle a architects company I smell a rat look at the old club at the moment full of rats

 

[Byron_Bay_Fan]

I was just looking through the Timeline section of the Tigers site.

This bit caught my eye:

Acting on the suggestion made by the town planners at Leichhardl Council, Balmain Leagues Club acquires Byers Meats on the corner of Darling Street and Waterloo Street, Rozelle for $4,250,000.00.Acting on the same advice, Baimain Leagues Club acquires the adjoining property on Victoria Road, Rozelle, owned by Balmain Engineering and settles the transaction in July, 2006\. The purchase price was $3, I 00,000.00.
\
\
4.25 million for a small butcher shop
3.1 million for a similarly sized property next door to the club

Those prices have to be a long way too high. At least double the price for both.
Balmain had to borrow 5.4 million from the NRL a few years later.

Why did they pay such a high price for these two properties?

No matter what they paid I think it was poor advice to virtually go in competition with the casino, I don't know of what other better options if there were any. Town planners are not financial experts so their advice should have been subjected to expert opinion before acted upon. The town planners (and aldermen') opinion should have been sought and applied to Rozelle Village's proposal before the plans for 28 (or 18) storey development were developed and submitted. Maybe it was? But it was already out of Tigers' hands at this stage.

The casino that was supposedly for the high fliers should have been located in high flier territory near Easts leagues club not a working class club.

Leagues clubs being institutions that survive through the ages should be buying up properties when the businesses are changing hands when not necessarily at a premium. Then continue to rent them out until they have either paid themselves off or the redevelopment is ready.

 

[madunit]

The properties that Balmain bought though were strategic to the development. The Butcher shop presumably would have provided a second entrance/exit out of the development while the property near the club was just more land (albeit not much)

So the idea is sound and plausible, but the money spent is immensely questionable.

Anyone here going to the next Balmain AGM and wants to ask why they paid so much for those two properties (And whether they still own them?)

When RV took over, did they just buy the block the old club is on, or did they get these other two blocks as well? I wonder if holding onto property that was worth several millions less than it was acquired for had an impact on the clubs borrowing capability?

 

[vlad]

http://www.nswrlra.com/index.php/component/k2/item/664-breaking-fire-rescue-nsw-has-confirmed-blaze-at-former-balmain-leagues-club
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BREAKING: Fire & Rescue NSW has confirmed blaze at former Balmain Leagues Club at Roselle, Victoria Road.

It's been a very sad sight for too long and now it's burning.

A great place of memories for The Balmain Referees Association.

No threats to surrounds yet perhaps it may move things along for the best with no injury.

 

[jirskyr]

The properties that Balmain bought though were strategic to the development. The Butcher shop presumably would have provided a second entrance/exit out of the development while the property near the club was just more land (albeit not much)

So the idea is sound and plausible, but the money spent is immensely questionable.

Anyone here going to the next Balmain AGM and wants to ask why they paid so much for those two properties (And whether they still own them?)

When RV took over, did they just buy the block the old club is on, or did they get these other two blocks as well? I wonder if holding onto property that was worth several millions less than it was acquired for had an impact on the clubs borrowing capability?

Talk to any physically expanding business - schools, unit blocks, shopping centres. If the locals know you need/want the property, they'll hold out for as long as they can to drive up the price. If your time is limited, the owners hold all the cards.

For example, council may have advised Tigers that without a separate alternative street entrance they could not approve the plans, and therefore Tigers required the properties to get that entrance. Or perhaps there were blockout rules on those properties that meant you needed to acquire them.

I am personally aware of schools having to wait decades and pay fortunes to buy out selected properties.

 

[Yossarian]

http://www.nswrlra.com/index.php/component/k2/item/664-breaking-fire-rescue-nsw-has-confirmed-blaze-at-former-balmain-leagues-club
\
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BREAKING: Fire & Rescue NSW has confirmed blaze at former Balmain Leagues Club at Roselle, Victoria Road.

It's been a very sad sight for too long and now it's burning.

A great place of memories for The Balmain Referees Association.

No threats to surrounds yet perhaps it may move things along for the best with no injury.

Wow and right after it changed ownership too!

 

[Chevy]

The Balmain RLFC got in over their heads and were found out to be gullible and naive while dealing with sharks who ceased an opportunity for their own benefit,if they think the new owners owe them anything they seriously haven't learnt a thing from this saga.

 

[Russell]

The Balmain RLFC got in over their heads and were found out to be gullible and naive while dealing with sharks who ceased an opportunity for their own benefit,if they think the new owners owe them anything they seriously haven't learnt a thing from this saga.

Do they think the new owners owe them anything?

 

[madunit]

The properties that Balmain bought though were strategic to the development. The Butcher shop presumably would have provided a second entrance/exit out of the development while the property near the club was just more land (albeit not much)

So the idea is sound and plausible, but the money spent is immensely questionable.

Anyone here going to the next Balmain AGM and wants to ask why they paid so much for those two properties (And whether they still own them?)

When RV took over, did they just buy the block the old club is on, or did they get these other two blocks as well? I wonder if holding onto property that was worth several millions less than it was acquired for had an impact on the clubs borrowing capability?

Talk to any physically expanding business - schools, unit blocks, shopping centres. If the locals know you need/want the property, they'll hold out for as long as they can to drive up the price. If your time is limited, the owners hold all the cards.

For example, council may have advised Tigers that without a separate alternative street entrance they could not approve the plans, and therefore Tigers required the properties to get that entrance. Or perhaps there were blockout rules on those properties that meant you needed to acquire them.

I am personally aware of schools having to wait decades and pay fortunes to buy out selected properties.

I fully understand all that. But the figures paid by Balmain Leagues were far more than just a greedy owner bumping up the price. We're talking 3 to 4 times more than market value for both.

7 million for two small buildings is a very very poor piece of business by the club. This transcends being ripped off.

 

[madunit]

http://www.nswrlra.com/index.php/component/k2/item/664-breaking-fire-rescue-nsw-has-confirmed-blaze-at-former-balmain-leagues-club
\
\
BREAKING: Fire & Rescue NSW has confirmed blaze at former Balmain Leagues Club at Roselle, Victoria Road.

It's been a very sad sight for too long and now it's burning.

A great place of memories for The Balmain Referees Association.

No threats to surrounds yet perhaps it may move things along for the best with no injury.

insurance claim?

Was the building ever condemned by the council?

 

[Basil_Tiger]

Was the building ever condemned by the council?

Not that i know of but the Leagues Club and Carpark should have been cleaned up regularly.
It was mess when i last visited a couple of years ago and in the Sironen Documentary visit it was the same,mess everywhere.
The guys that built the club up would be turning in their grave,you can't believe the decisions over the past years that have culminated in this and the Board still doesn't get it.

 

[hammertime]

So Darcy got voted in as Mayor… will be interesting how he sways when the first proposal comes through from this mob. He's a big tigers fan, but also is a massive leftie.

 

[Sabre]

So Darcy got voted in as Mayor… will be interesting how he sways when the first proposal comes through from this mob. He's a big tigers fan, but also is a massive leftie.

I get the feeling he's mostly all talk.
He does little things like renaming the hill at Leichhardt 'Wayne Pearce Hill' and the laneway 'Laurie Nichols Laneway' to keep himself popular with fans but he's never actually done anything that has greatly benefited the club.

 

[hammertime]

So Darcy got voted in as Mayor… will be interesting how he sways when the first proposal comes through from this mob. He's a big tigers fan, but also is a massive leftie.

I get the feeling he's mostly all talk.
He does little things like renaming the hill at Leichhardt 'Wayne Pearce Hill' and the laneway 'Laurie Nichols Laneway' to keep himself popular with fans but he's never actually done anything that has greatly benefited the club.

He just produced a leichhardt documentary too with a lot of the ex-balmain guys.

I would love to be a fly on the wall in the council chambers to see if he is all bluster or if he was just hampered by the greens. thankfully he has aligned himself with the liberals this time around, we'll see if it yields better results.