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City Tattersalls Club Guiding Principles
The potential development has been created to align with the
Club’s Guiding Principles.
1. Retain City Tattersalls Club (CTC) as a registered Club recognising and ensuring
compliance with the CTC ACT and Rules.
2. Retain ownership of all assets by our Club*
3. Primary focus on Club, subsidiary clubs and members both now and in the future
4. Maximise value of the Club assets in short, medium and long term
5. Minimise cost and maximise benefits of the Club
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* Possible sale of Private Apartments
6. Minimise risk to the club
7. Achieve a long term reduction in financial dependence on gaming
and secure the long term financial future of the Club
8. Create a long term new business model for Club
9. Continued trading of the Club
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* Possible sale of Private Apartments
City Tattersalls Club Guiding Principles
1. Highest and Best Use
The highest and best use of the CTC site. Based on independent marketing advice.
Appropriate uses within the City of Sydney planning framework.
2. Independent CTC Site
Not reliant on neighbouring properties.
Retain 202-204 Pitt Street as a neighbouring building which facilitates
continuous trading on all floors with dedicated street entrance during the build.
3. Mixed Use – Club, Hotel, Private Apartments and Commercial
Provision of Club use, new serviced apartments (hotel accommodation),
private apartments and commercial above with separate dedicated street
access
5
What is the preferred development for our Club?
4. 194 Pitt Street
Amalgamation of 194 Pitt Street into total development adding to the overall
development potential
Without 194 Pitt Street this development would not be possible
5. No Parking and New Loading Dock
Addresses the key site constraints of car parking, loading and services.
6. Lease
Long term lease for private apartments or possible sale if highest and best use
6
What is the preferred development for our Club?
What is the preferred development for our Club?
7. Heritage
The Pre-DA proposes an envelope which addresses key planning constraints
including solar height plane, FSR and heritage. It protects the significant
façade and key interiors of the site and proposes a tower set back behind
them as part of the varied City skyline.
8. New Business model
Allows for a new business model
9. Unleashes the Airspace
Position CTC as a going concern along with a physical presence as a CBD
destination of choice with iconic Club branding on top of the tower. Maximise
the international appeal of the site with panoramic views of the city, gardens,
harbour and greater metropolitan area
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City Tattersalls Club
Indicative Development Option
The proposed envelope is a site specific control
The Indicative Development Option;
- Is not a proposal, it tests the proposed envelope
48 Floors of high rise development
7 Floors of Upgraded Dedicated Club Facilities (Floors G - 6)
2 shared sub-basement floors
7 Floors of Serviced Apartments (Hotel Accommodation) (Floors 7 – 13)
32 Floors of High Quality Designer Apartments (Floors 14 – 46)
2 Uppermost Floors of Commercial Usage (Restaurant/Bar) (Floors 47 & 48)
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Maximise the international appeal of the site with
panoramic views of the city, gardens, harbour and
greater metropolitan area
Position CTC as a going concern along with a physical
presence as a CBD destination of choice with iconic
Club branding on top of the tower
City Tattersalls Club
Indicative Development Option
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City Tattersalls Club
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City Tattersalls Club
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1. Decision to progress to next stage due to positive feedback from Council
2. Funds of $220,000 approved to proceed to the next stage - December 2013
3. Media coverage commenced
4. Colliers distributed the Information Memorandum to open market
5. Receipt and Appraisal of Expressions of Interest
6. Negotiation with short list of prospective developers commences creating
competitive tension period
7. Independent Check and Evaluation of Expression of Interest undertaken
8. Members Briefing 3 to be held in December 2013
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Actions Summary
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Member’s Communication
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SEPTEMBER Information added to Club website includes; Airspace Development landing page Members Briefing Meeting 2 Presentation
Club Information Memorandum SEPT/OCT- Weekly updates showcasing market response during EOI period Digital signage regarding development placed around Club
OCTOBER All media coverage listed on Club website
NOVEMBER Notice of Members Briefing Meeting 3 added to ;
Club Magazine, notice boards and website
DECEMBER- Email invitation to Members Briefing Meeting 3 sent to Members ,
Followed by reminder email and SMS notifications
Regular information updates will continue
Media Coverage
Due to the extensive media interest in the development opportunity at City
Tattersalls Club, a media plan was prepared to manage the distribution of
information to the market place.
Key Dates
City Tattersalls Club held an exclusive Media Briefing Session and our media
consultant distributed a press release to the marketplace on Wednesday 28
August 2013
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Media Coverage
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Property
‘City Tatts enters new era’ – Monday, 2 September 2013
The Weekend Australian
‘Final piece in waterfront puzzle’ by Ben Wilmot and Lisa Allen – Saturday, 31 August 2013
The Daily Telegraph
‘City Tatts reaches skywards to secure future’, Thursday 29 August 2013
SMH
‘City Tatts Club plans 48-floor tower’ by Carolyn Cummins, Thursday 29 August 2013
AFR
‘City Tattersalls Clubs plans to ‘unleash’ Pitt Street space’ by Robert Harley, Thursday 29 August 2013
The Australian – ‘Tatts unveils CBD tower plan’ by Lisa Allen, Thursday 29
August 2013
Brisbane Times
New 48-storey tower could spark Chinese interest’, Thursday 29 August 2013
Channel Ten 5PM News
Wednesday, 28 August 2013. (Link will be available shortly)
SMH
’New 48-storey tower could spark Chinese interest’ by Carolyn Cummins and Stephen Nicholls, Wednesday 28 August 2013
Brisbane Times
‘City Tatts Club plans 48-floor tower’, Wednesday 28 August 2013
Property Observer
‘City Tattersalls Club proposes 48-level Pitt Street Sydney mixed use
redevelopment’ by Nicola Trotman, Wednesday 28 August 2013
SMH
‘Office sector subdued as rents flatten’ by Carolyn Cummins, Wednesday 28 August 2013
The Australian
‘City Tattersalls bets on tower block plan ‘, Saturday 24 August 2013
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Media Coverage
Property OZ
‘City Tatts enters new era’
Monday, 2 September 2013
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Media Coverage
‘City Tatts reaches skywards to secure future’
Thursday 29 August 2013
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Media Coverage
City Tatts Club plans
48-floor tower’ by
Carolyn Cummins
Thursday 29
August 2013
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Media Coverage
Channel Ten 5PM News
Wednesday, 28 August 2013.
Commencement of Expression of Interest
1. Information Memorandum was issued to the marketplace
2. 6 week marketing campaign was launched from 2 September 2013
to 9 October 2013 with display advertisements in the Australian Financial
Review, Sydney Morning Herald, direct email marketing and
website listings
3. Data Room Set-up
4. Provision of responses to Data Room enquiries
5. Management of expression of interest process
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Information Memorandum
City Tattersalls Club and Colliers
International developed a 36 page
Information Memorandum that
contained pertinent information
required by Company to make a
satisfactory assessment of the City
Tattersalls Club development
opportunity and its value
Example Pages 6 -7
Information Memorandum
Example Pages 8 - 9
Information Memorandum
Example Pages 10 - 11
Information Memorandum
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ADVERTISING DATE MEDIUM
Week 1 03/09/2013 Australian Financial Review - Tuesday
07/09/2013 Sydney Morning Herald - Commercial
Week 2 10/09/2013 Australian Financial Review - Tuesday
14/09/2013 Sydney Morning Herald
Week 3 24/09/2013 Australian Financial Review - Tuesday
CAMPAIGN ITEMS
E-Marketing 03/09/2013 Email Marketing to qualified database of 2,500
Internet 03/09/2013 Real Commercial web listing
6 Week Marketing Campaign LAUNCHED FROM 2 SEPTEMBER - 9 OCTOBER 2013
Display Advertisements
Display Advertisements
Level of Market Interest From the 6 Week Marketing Program
1. Internet hits – 812
2. Information Memorandum sent – 67
3. Confidentiality Agreements sent – 21
4. Groups in Data Room – 17
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Receipt and appraisal of Expressions of Interest 10 OCTOBER 2013 – 9 DECEMBER 2013
1. Seven initial submissions reviewed
2. Shortlist of three companies advised
3. Shortlisted companies enter into competitive tension period to refine offers
4. All companies required to resubmit refined proposals by 4 December 2013
5. Committee to select the preferred company and enter into exclusive
arrangement period for next stage
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Working with shortlisted companies
Over 20 workshops with 3 individual companies and their design teams were
held with City Tattersalls Club to identify and clarify the following parameters:
• Site constraints - Heritage, planning, structural, construction access
• Full understanding and integration of Club, hotel and private apartment
requirements
• Temporary Club operation during the construction phase
• Documents required for further independent evaluation, as part of the revised
submissions
• Club requirements in all areas
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City Tattersalls Club is proud to announce
that Mirvac was selected as the preferred
property group to work in partnership
with our Club
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FINANCIAL: Financial strength
DESIGN: Club Brief – listened and responded
Future proofed the Club for generations to come
Created an iconic concept to reposition the Club
Construction: Experts in fast tracking CBD projects
Understanding of City of Sydney Council requirements
Integrated model = speed and efficiency
Minimal impact to Club operations during construction
Extensive experience in heritage sites
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Why was Mirvac selected?
PREFERRED
DEVELOPMENT
PROPOSAL PRESENTED BY TONY GUILFOYLE
CHIEF EXECUTIVE OFFICER
CITY TATTERSALL CLUB
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City Tattersalls Club
Indicative Development
Proposal
City Tattersalls Club
Indicative Development
Proposal
What is included in the development proposal
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• Seven floors of new Club space with a range of amenities including restaurants,
bars, fitness centers, day spa, function facilities and gaming
• Hotel - 100 rooms with a 4 Star rating
• Sky Terrace - 100 seat restaurant and bar area
• Two shared basement floors
• Signage naming rights on the top of the tower
Total of 48 Levels
City Tattersalls Club
Indicative Development
Proposal
City Tattersalls Club
Indicative Development
Proposal
Interim club during the build
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1. Interim Club will provide members with restaurant, bars, fitness facilities,
functions, dancing classes and gaming in 202 204 Pitt Street
2. Special arrangements for swimming, snooker and dancing
3. Neighbouring construction work happening next door during the build
period
INTERIM CLUB
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1. Interim Club will provide members with gaming, restaurant, bars,
fitness facilities, functions and dancing classes in 202 204 Pitt Street
2. Special arrangements for swimming, snooker and dancing
3. Neighbouring construction work happening next door during the
build period
What does this mean for Members long term?
47
1. Complete upgraded and new facilities and amenities
2. Ownership of a 100 room hotel with business opportunities (4 Star)
3. Decrease the reliance on gaming
4. Complete new offering for local, interstate and international members –
a total change to the Club’s business model
5. Private apartments supporting City Tattersalls Club offerings and giving a
greater presence in the Sydney CBD
6. Substantial increase of overall value of Club assets
7. The long term survival and prosperity of our Club
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Key Milestones for the Next Stage DECEMBER 2013 – JULY 2014
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December 2013 –
May 2014
• Development management agreement terms
and conditions negotiations
• Set-up member’s dedicated development
information display area
• Continue to refine the indicative development
proposal
February – July 2014 • Member’s Information Process
• Various Members’ Briefing Meetings
May – July 2014 • Member Vote
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Development Timelines
2013 2014
Dec Jan Feb Mar Apr May Jun Jul
10-Dec
Member's
Briefing
11-Dec Exclusivity Period
Dec 13 -July 14 Work up Development Management Agreement
DMA /
Agreement
Signed
Feb 14 - May 14
Set up member display and
information area
Jul-14 Set up Member Approval process Member Vote
Recent Media Coverage
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'Developers circle Sydney CBD'
by Lisa Allen and Ben Wilmot
28 November 2013