In another sure sign of Bondi Junction’s emergence as a vibrant and diverse CBD, Capital Bluestone and Club Bondi Junction RSL have entered into an agreement to redevelop the Club’s significant site into a revitalised venue and residential hub.
The deal was struck after a competitive EOI process that saw the Club Bondi Junction RSL board select Capital Bluestone as a development partner for its track record of delivering more than $2.5 billion in project completions.
“This is a major milestone in the history of Club Bondi Junction RSL and we congratulate them on having the foresight and commitment to unlocking the development potential of their site in order to ensure the financial sustainability of their great community asset,” Capital Bluestone Managing Director Ben Fairfax said.
Capital Bluestone and Club Bondi Junction RSL have entered into 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 also form a critical component of the redevelopment.
Club Bondi Junction RSL President Bill Harrigan said the agreement with Capital Bluestone would give the Club financial stability while delivering a development worthy of such a prominent location.
“Finally the dream has come to fruition for our Club and its Members,” he 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.
“That is why over the past 10 years I have led a push towards unlocking the potential in our site through development,” Mr Harrigan said. “In 2014, Waverley Council’s planning changes to allow more height and residential development meant we could finally work towards realising our vision.
“After investigating the viability of such a development, we undertook a thorough search for the right partner and our due diligence with Capital Bluestone means we are able to get the best possible results for the Club and our Members. Capital Bluestone was a natural fit for our Club because they are committed to excellence and work with the utmost integrity.”
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.
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