Capital Bluestone to partner Club Bondi Junction RSL in prime site redevelopment
Capital Bluestone and Club Bondi Junction RSL have entered into an agreement to redevelop the club site into a revitalised venue and residential hub.
The deal was struck after a competitive process.
The Club Bondi Junction RSL selection of Capital Bluestone as a development partner follows its track record of delivering more than $2.5 billion in project completions.
The unlocking of the development potential of their site ensures the financial sustainability of their great community asset, Capital Bluestone managing director Ben Fairfax said.
Capital Bluestone and Club Bondi Junction RSL have a profit share agreement, with development proposals for the 2000-square-metre site currently being investigated.
Bound by Bronte Road, Gray Street and Ebley Street, Club Bondi Junction RSL is only a five-minute walk to Bondi Junction train station making it an ideal candidate for residential development.
A new, modern RSL Club will be part of the redevelopment.
“Finally the dream has come to fruition for our Club and its Members,” Club Bondi Junction RSL President Bill Harrigan said.
“Over the past 15 years I have seen at least seven RSL Clubs close in the Eastern Suburbs.
"The allowance for hotels to offer gaming machines, the global financial crisis and tax increases have made for a difficult operating environment, causing many clubs to close."
In 2014, Waverley Council’s planning changes to allow more height and residential development.
As part of the agreement, Capital Bluestone will fund the Club’s purchase of the RSL Sub-branch’s share of the site for an undisclosed sum.
Capital Bluestone has a current development pipeline of more than $2 billion including its flagship Woolooware Bay Town Centre masterplanned community, Esplanade at Norwest Lake and Veridian at Kogarah.
Capital Bluestone will undertake a thorough design and planning review process before presenting development options to the Club Bondi Junction RSL board in 2017.