slide rule
Jaws
I think that might be for the Leagues Club, not the ground. But I have no idea what’s going on.
Official Shark Park & Woolooware Bay Development
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I think that might be for the Leagues Club, not the ground. But I have no idea what’s going on.
Tiger Shark
Jaws
yeah that would be for the Leagues Club
HaroldBishop
Megalodon
From the NSW state budget announced today.
Tiger Shark
Jaws
I think that was always the plan. What ever happens it’s not going to be for a few years.
They need to pay me the big bucks to do a business case on Brookvale
"it's a ****hole"
Any questions?
slide rule
Jaws
Get payed $1 mil to write a report to say $40mil should go to another party donor to rebuild a ground that hosts 6 games per year.
Capital_Shark
Kitty Master
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- May 7, 2006
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I had to spend $1500 gov money to get a report requesting they approve a $3600 spend. The $1500 ensures I'm not ripping them off lol
Matty C of the Shire
Great White
I was reading this article in the financial review and I hope we have done something similar with the $$
Raiders boot property goal with $56m Bunnings sale
australian-financial-review
LARRY SCHLESINGER DEC 13, 2020
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National Rugby League side the Canberra Raiders has almost doubled its money on a Bunnings warehouse investment after selling it to Home Consortium’s newly floated Daily Needs REIT for $56 million.
The sports club paid $29.55 million in 2011 for the newly built large-format retail property in Sydney’s Seven Hills as part of plans to expand its asset base and create new income streams.
Property records show it was acquired through a subsidiary of the club’s controlling entity, Queanbeyan United Rugby League Football Inc.
According to the Sydney Morning Herald, the Raiders also invested in two office buildings in Brisbane around the same time it bought the Bunnings. It is currently developing apartments, terrace houses and a new training venue as part of an $80 million project at Northbourne Oval in Canberra.
The Raiders last won the premiership in 1994. They were runners-up in 2019.
The club has done better as a property investor, with the value of its Bunnings property soaring amid strong demand for one of the most sought-after retail leases in the country.
In March, Charter Hall set a new benchmark for Bunnings warehouses by acquiring a brand new 16,000sq m outlet in Melbourne’s south-east for $42.3 million on a yield of 4.5 per cent.
HomeCo picked up the Bunnings Seven Hills property on a yield of 5.1 per cent, one of several large-format properties to change hands in the past few weeks – all of them acquired by fund managers.
Last week, the ASX-listed Charter Hall Long WALE REIT paid $28.1 million for a new Bunnings property to be developed in Caboolture, north of Brisbane, while in Sydney, privately owned investment group EG paid $48.75 million for a Bunnings in Rockdale on a yield of 5.4 per cent.
Also in December, Australian business leaders comprising David Gonski, Simon Mordant and John Curtis sold a vacated Bunnings warehouse – valued at $16 million in 2015 – to Charter Hall for $70 million.
For the Home Consortium Daily Needs REIT, the acquisition of the Seven Hills Bunnings will diversify its Daily Needs REIT portfolio, which floated on the ASX in November with a $900 million portfolio of metropolitan convenience malls.
“This Bunnings asset ticks all the boxes: excellent Sydney metro location in high growth corridor, high quality tenant and the acquisition is immediately accretive to funds from operations [or earnings],” Home Consortium CEO and executive chairman David Di Pilla said.
The large-format warehouse stands on 2.23 hectares 30 kilometres north-west of the Sydney CBD.
Following the acquisition, the Daily Needs REIT is forecast to deliver funds from operations per unit (or earnings per share) 6 per cent ahead of the IPO forecast, with gearing at 34.9 per cent.
The REIT, which comprises 18 malls trading on a cap rate of just under 6 per cent, made a lacklustre debut on the ASX after raising $300 million.
Units in the trust closed Friday at $1.25, unchanged for the day, but down 6 per cent on the offer price of $1.33.
Raiders boot property goal with $56m Bunnings sale
australian-financial-review
LARRY SCHLESINGER DEC 13, 2020
National Rugby League side the Canberra Raiders has almost doubled its money on a Bunnings warehouse investment after selling it to Home Consortium’s newly floated Daily Needs REIT for $56 million.
The sports club paid $29.55 million in 2011 for the newly built large-format retail property in Sydney’s Seven Hills as part of plans to expand its asset base and create new income streams.
Property records show it was acquired through a subsidiary of the club’s controlling entity, Queanbeyan United Rugby League Football Inc.
According to the Sydney Morning Herald, the Raiders also invested in two office buildings in Brisbane around the same time it bought the Bunnings. It is currently developing apartments, terrace houses and a new training venue as part of an $80 million project at Northbourne Oval in Canberra.
The Raiders last won the premiership in 1994. They were runners-up in 2019.
The club has done better as a property investor, with the value of its Bunnings property soaring amid strong demand for one of the most sought-after retail leases in the country.
In March, Charter Hall set a new benchmark for Bunnings warehouses by acquiring a brand new 16,000sq m outlet in Melbourne’s south-east for $42.3 million on a yield of 4.5 per cent.
HomeCo picked up the Bunnings Seven Hills property on a yield of 5.1 per cent, one of several large-format properties to change hands in the past few weeks – all of them acquired by fund managers.
Last week, the ASX-listed Charter Hall Long WALE REIT paid $28.1 million for a new Bunnings property to be developed in Caboolture, north of Brisbane, while in Sydney, privately owned investment group EG paid $48.75 million for a Bunnings in Rockdale on a yield of 5.4 per cent.
Also in December, Australian business leaders comprising David Gonski, Simon Mordant and John Curtis sold a vacated Bunnings warehouse – valued at $16 million in 2015 – to Charter Hall for $70 million.
For the Home Consortium Daily Needs REIT, the acquisition of the Seven Hills Bunnings will diversify its Daily Needs REIT portfolio, which floated on the ASX in November with a $900 million portfolio of metropolitan convenience malls.
“This Bunnings asset ticks all the boxes: excellent Sydney metro location in high growth corridor, high quality tenant and the acquisition is immediately accretive to funds from operations [or earnings],” Home Consortium CEO and executive chairman David Di Pilla said.
The large-format warehouse stands on 2.23 hectares 30 kilometres north-west of the Sydney CBD.
Following the acquisition, the Daily Needs REIT is forecast to deliver funds from operations per unit (or earnings per share) 6 per cent ahead of the IPO forecast, with gearing at 34.9 per cent.
The REIT, which comprises 18 malls trading on a cap rate of just under 6 per cent, made a lacklustre debut on the ASX after raising $300 million.
Units in the trust closed Friday at $1.25, unchanged for the day, but down 6 per cent on the offer price of $1.33.
Matty C of the Shire
Great White
Interesting read down the bottom of this
Quarterly Chairman's address - Steve Mace
Author
Sharks Media
Timestamp
Wed 27 Jan 2021, 01:20 PM
Welcome to 2021 and to what will be an exciting year leveraging off the great foundations built over the past 18 months. The next 12-24 months will be vital in setting the Club up for the next decade and beyond, both on and off the field. Strap yourselves in team!!
Two months into the new financial year (Nov20-Oct21) I am pleased to share that our strategic milestones are ahead of plan. The financial performance is also currently exceeding budget, so well done to all staff who have worked hard to achieve such an excellent result.
Strategic Committees Update
Audit and Risk Committee
Patrick Bourke, Chairman of the Audit & Risk Committee, provided the Board an overview of the FY2020 audit process and draft results. The A&R Committee identified some minor items which were investigated and closed off prior to recommending the Board endorse the FY2020 statutory accounts.
In addition, as Group Chairman I met with the auditors and am satisfied with the draft FY2020 accounts. All items identified for review have been closed out in an appropriate manner.
I would like to thank the finance team headed by Vince Costa and the A&R Committee for a thorough, effective and streamlined audit process.
Nominations Committee
You may recall last quarter the Board conducted its first ever performance review by its Members. For everyone who took the time to provide this valuable feedback, thank you.
Pleasing was a high percentage of positive feedback and gratitude shown by the Members to the current Board. Most responses demonstrated the Members understood the underlying financial performance of the business had significantly improved and the new levels of governance/controls will further safeguard the Group.
Member feedback showed that as a whole they were confident in the current Board and management team to deliver on the set strategic objectives. They also provided some remarkable and constructive feedback to further investigate relating to communication, Board interaction with Members and how we better operate.
Receiving this feedback is essential for us to improve on how to best serve the Club and its Members.
David Blackett, as Chairman of the Nominations Committee, will now lead an internal project where corrective action items will be identified and adopted over the coming months. We will also create a baseline to measure our performance periodically moving forward.
Three common queries and/or constructive feedback themes were as follows.
Members feedback: “How do we know we’re getting ROI (return on investment) from each Director.”
Chairman’s response: “There is always plenty of discussion on Directors remuneration and I can confirm no Director receives any compensation (cash or kind). Depending on the portfolios allocated to a Director, and what is on the agenda at the time, a Director can contribute anywhere from 5-50hrs per week.”
Members feedback: “We don’t know the skillset of the Board.”
Chairman’s response: “The Board operates as a collective but maintains a very independent viewpoint. As a functioning Board we have done our best to ensure an appropriate skillset balance in an environment where Directors are voted in by Members. If the Board composition becomes unbalanced and/or inherits an untenable operating rhythm, it is my responsibility as Chairman to educate the Members at an appropriate time leading into elections. On balance I am confident and thankful for the make-up of the current members of our Board.”
Members feedback: “How do we get further information on the financial performance and strategic objectives of the Sharks.”
Chairman’s response: “I couldn’t agree more that communication to our Members still needs further improvement. We have initiated monthly CEO to Members updates and the Chairman to Members address and it was also our intention to undertake quarterly face to face townhall Member updates before COVID intervened. Four dates in 2021 have been allocated to recommence these events but unfortunately, we have been, and continue to be, at the mercy of government restrictions. These forums should provide Members with a great insight into the strategic and financial performances of the Group. To further promote the flow of information and ideas I also attended the quarterly Members Committee meeting, where a business update was provided and an open forum for queries was made available.”
Remuneration & Appointments Committee
Staff undertook its second annual performance management review program. As you can appreciate, employee information must remain confidential, but I am pleased to report there has been an improvement across all key review metrics. Reassuring for Members is the business now has a reoccurring performance plan locked in place.
Our General Manager of Marketing and Commercial, Jeremy Hill, has taken up a new opportunity interstate and has left the Club. The role will be replaced and given it is an executive role, interviews are currently being conducted by the CEO and Remuneration & Appointments committee.
Jeremy transformed the marketing division in his short time at the Club and will be sadly missed. On behalf of the Club, I would like to wish both Jeremy and his family well in their next endeavours.
Disciplinary Committee
I am pleased to report the Disciplinary Committee has again not had to convene over the past quarter, making for a very quiet festive season.
Football Committee
Whilst the Chairman’s update is predominately business centric, it doesn’t take away the excitement that builds up in the Boardroom as the pre-season continues and we lead into Round 1. With the return of Club greats Paul Gallen and Luke Lewis to the coaching staff, combining with John Morris’s new football operational team, it makes for an exciting 2021 season ahead.
I’d also like to welcome back the players. They earned a well-deserved break after the sacrifices of 2020 and seem primed for a big season ahead.
The football strategic plan and associated recruitment is in full swing and milestones are being achieved. I’m confident of some exciting news over the coming months as we set up for 2022 and beyond.
Building Committee
The Committee continue to meet at least weekly and oversee the responsibilities under the Program Delivery Agreement and the terms locked in back in 2011. There is nothing further to update from the previously revised timeline of a return to Shark Park in 2022 and the 2023 re-opening of the Leagues Club.
The Chairman, Chairman of Building Committee and CEO, met with Aoyuan Directors and senior management to ensure the parties are best placed to ensure the project is completed in a timely manner.
Investment Committee
The Investment Strategy was approved by the Board at the December Board meeting.
I am excited to update the Members with the news there has been some very early discussions in another amalgamation with a Sutherland Shire venue.
Unfortunately, I cannot provide further information at this point in time due to confidentiality constraints but as things hopefully progress, I will endeavour to provide greater clarity. It would be great to recreate the success of the Sharks at Kareela, with a further amalgamation to totally align with our Investment Strategy.
There has been a project team set up to explore a residential development at our Kareela location. Let me stress this is only an exploration exercise and would only be considered if existing facilities were enhanced and additional reoccurring revenues achieved for the Club. It is imperative we build cash generating assets.
More to come shortly on this exciting front, but as always, we will keep Members updated on our journey, while details of the AGM will become available shortly. Again we will be guided by the COVID restraints as to whether we can conduct this in person, which is certainly our preference.
My fellow Directors and I would again like to thank you for the opportunity to serve this great Club.
Up Up!
Steve Mace
Chairman
Cronulla Sharks Board of Directors
Quarterly Chairman's address - Steve Mace
Author
Sharks Media
Timestamp
Wed 27 Jan 2021, 01:20 PM
Welcome to 2021 and to what will be an exciting year leveraging off the great foundations built over the past 18 months. The next 12-24 months will be vital in setting the Club up for the next decade and beyond, both on and off the field. Strap yourselves in team!!
Two months into the new financial year (Nov20-Oct21) I am pleased to share that our strategic milestones are ahead of plan. The financial performance is also currently exceeding budget, so well done to all staff who have worked hard to achieve such an excellent result.
Strategic Committees Update
Audit and Risk Committee
Patrick Bourke, Chairman of the Audit & Risk Committee, provided the Board an overview of the FY2020 audit process and draft results. The A&R Committee identified some minor items which were investigated and closed off prior to recommending the Board endorse the FY2020 statutory accounts.
In addition, as Group Chairman I met with the auditors and am satisfied with the draft FY2020 accounts. All items identified for review have been closed out in an appropriate manner.
I would like to thank the finance team headed by Vince Costa and the A&R Committee for a thorough, effective and streamlined audit process.
Nominations Committee
You may recall last quarter the Board conducted its first ever performance review by its Members. For everyone who took the time to provide this valuable feedback, thank you.
Pleasing was a high percentage of positive feedback and gratitude shown by the Members to the current Board. Most responses demonstrated the Members understood the underlying financial performance of the business had significantly improved and the new levels of governance/controls will further safeguard the Group.
Member feedback showed that as a whole they were confident in the current Board and management team to deliver on the set strategic objectives. They also provided some remarkable and constructive feedback to further investigate relating to communication, Board interaction with Members and how we better operate.
Receiving this feedback is essential for us to improve on how to best serve the Club and its Members.
David Blackett, as Chairman of the Nominations Committee, will now lead an internal project where corrective action items will be identified and adopted over the coming months. We will also create a baseline to measure our performance periodically moving forward.
Three common queries and/or constructive feedback themes were as follows.
Members feedback: “How do we know we’re getting ROI (return on investment) from each Director.”
Chairman’s response: “There is always plenty of discussion on Directors remuneration and I can confirm no Director receives any compensation (cash or kind). Depending on the portfolios allocated to a Director, and what is on the agenda at the time, a Director can contribute anywhere from 5-50hrs per week.”
Members feedback: “We don’t know the skillset of the Board.”
Chairman’s response: “The Board operates as a collective but maintains a very independent viewpoint. As a functioning Board we have done our best to ensure an appropriate skillset balance in an environment where Directors are voted in by Members. If the Board composition becomes unbalanced and/or inherits an untenable operating rhythm, it is my responsibility as Chairman to educate the Members at an appropriate time leading into elections. On balance I am confident and thankful for the make-up of the current members of our Board.”
Members feedback: “How do we get further information on the financial performance and strategic objectives of the Sharks.”
Chairman’s response: “I couldn’t agree more that communication to our Members still needs further improvement. We have initiated monthly CEO to Members updates and the Chairman to Members address and it was also our intention to undertake quarterly face to face townhall Member updates before COVID intervened. Four dates in 2021 have been allocated to recommence these events but unfortunately, we have been, and continue to be, at the mercy of government restrictions. These forums should provide Members with a great insight into the strategic and financial performances of the Group. To further promote the flow of information and ideas I also attended the quarterly Members Committee meeting, where a business update was provided and an open forum for queries was made available.”
Remuneration & Appointments Committee
Staff undertook its second annual performance management review program. As you can appreciate, employee information must remain confidential, but I am pleased to report there has been an improvement across all key review metrics. Reassuring for Members is the business now has a reoccurring performance plan locked in place.
Our General Manager of Marketing and Commercial, Jeremy Hill, has taken up a new opportunity interstate and has left the Club. The role will be replaced and given it is an executive role, interviews are currently being conducted by the CEO and Remuneration & Appointments committee.
Jeremy transformed the marketing division in his short time at the Club and will be sadly missed. On behalf of the Club, I would like to wish both Jeremy and his family well in their next endeavours.
Disciplinary Committee
I am pleased to report the Disciplinary Committee has again not had to convene over the past quarter, making for a very quiet festive season.
Football Committee
Whilst the Chairman’s update is predominately business centric, it doesn’t take away the excitement that builds up in the Boardroom as the pre-season continues and we lead into Round 1. With the return of Club greats Paul Gallen and Luke Lewis to the coaching staff, combining with John Morris’s new football operational team, it makes for an exciting 2021 season ahead.
I’d also like to welcome back the players. They earned a well-deserved break after the sacrifices of 2020 and seem primed for a big season ahead.
The football strategic plan and associated recruitment is in full swing and milestones are being achieved. I’m confident of some exciting news over the coming months as we set up for 2022 and beyond.
Building Committee
The Committee continue to meet at least weekly and oversee the responsibilities under the Program Delivery Agreement and the terms locked in back in 2011. There is nothing further to update from the previously revised timeline of a return to Shark Park in 2022 and the 2023 re-opening of the Leagues Club.
The Chairman, Chairman of Building Committee and CEO, met with Aoyuan Directors and senior management to ensure the parties are best placed to ensure the project is completed in a timely manner.
Investment Committee
The Investment Strategy was approved by the Board at the December Board meeting.
I am excited to update the Members with the news there has been some very early discussions in another amalgamation with a Sutherland Shire venue.
Unfortunately, I cannot provide further information at this point in time due to confidentiality constraints but as things hopefully progress, I will endeavour to provide greater clarity. It would be great to recreate the success of the Sharks at Kareela, with a further amalgamation to totally align with our Investment Strategy.
There has been a project team set up to explore a residential development at our Kareela location. Let me stress this is only an exploration exercise and would only be considered if existing facilities were enhanced and additional reoccurring revenues achieved for the Club. It is imperative we build cash generating assets.
More to come shortly on this exciting front, but as always, we will keep Members updated on our journey, while details of the AGM will become available shortly. Again we will be guided by the COVID restraints as to whether we can conduct this in person, which is certainly our preference.
My fellow Directors and I would again like to thank you for the opportunity to serve this great Club.
Up Up!
Steve Mace
Chairman
Cronulla Sharks Board of Directors
Sir Chadley
Jaws
Is it just me or does Steve Mace look stoned in his photo?
sharks86
Grey Nurse
Not entirely shocked that they would look into what the chances were of being able to develop the Kareela clubhouse, keeps an ace in the pocket if we hit more financial strife and need to sell it to a developer
Art Vandelay
Tiger Shark
another amalgamation would be interesting
so would another development
we haven't got the first one finished yet so anyway. lets see
so would another development
we haven't got the first one finished yet so anyway. lets see
sharks86
Grey Nurse
Demo starting on club -
https://www.theleader.com.au/story/7104626/sharks-club-facade-comes-down/?src=rss
https://www.theleader.com.au/story/7104626/sharks-club-facade-comes-down/?src=rss
Tatus
Not-So-Great White
Props to points bet for keeping their naming rights during all this.
SF
Mako Shark
Is there anyone in construction who could shed light on why it was cheaper/better to retain and gut the Peter Burns Stand and leagues club, rather than knock it down and start again?
I assume basically putting up the structure is the expensive part, with cranes and building materials etc. It just looks really inefficient to a know-nothing like me! Particularly when the structure is around 50 years old, and the stand is so outdated.
I assume basically putting up the structure is the expensive part, with cranes and building materials etc. It just looks really inefficient to a know-nothing like me! Particularly when the structure is around 50 years old, and the stand is so outdated.
bluey
Bull Shark
To keep the original structure makes a lot of financial sense, but it would have been studied by engineers to make sure that it is ok and if needed it will be strengthened to suit new building. It saves them a lot of costs and mess as removing all the foundations is very time consuming and expensive, they also are what we call out of the ground almost immediately which is a pretty big deal.
Its then up to engineers to design the new building to suit the old foundations and modernize it.
Its really just that simple.
Its then up to engineers to design the new building to suit the old foundations and modernize it.
Its really just that simple.
SF
Mako Shark
Thanks! Yeah I guess that makes sense, particularly with the foundations being on the tip. Thanks bluey
This is 100% correct. Add that you are so saving months off the construction program (which also translates to $$)