City Tattersalls Club, one of the oldest and most prestigious clubs in Australia, has closed a deal to sell its partially heritage-listed property at 194 to 204 Pitt Street to a consortium that is 90.5%-owned by First Sponsor Group. The deal is worth A$24.7 million ($22.5 million).
The building, which is located in Sydney’s central business district (CBD) and is a stone’s throw away from some of the city’s iconic locations such as Circular Quay, Darling Harbour, Chinatown, the Harbour Bridge, the Opera House and Hyde Park, spans some 3,200 sqm (34,444.51 sq ft) across multi-storeys and a basement.
Upon the sale, the building will be integrated into the consortium’s redevelopment plan, which includes a 50-storey tower featuring 241 residential apartments, an upscale hotel and event spaces. The redevelopment is a joint venture (JV) project undertaken by the consortium. It received approval in 2021 with Richard Crookes Construction announced as the appointed builder in 2023. Works onsite are on schedule with bulk excavation and installation of the jump form are almost complete.
According to the joint release issued by First Sponsor, Melbourne-grown ICD Property and City Tattersalls Club, the existing heritage facade and key interior features of the buildings, which have been a part of Sydney’s streetscape and history for almost 129 years, will be restored and maintained.
“We recognise the importance of the City Tattersalls Club within Sydney, Australia, and are glad that we have the opportunity to do our part to help the club safeguard its future,” says First Sponsor’s group CEO Neo Teck Pheng, noting that the outcome is “positive for all stakeholders involved”.
“We look forward to working alongside BVN Architects and FJC Studio (formerly FJMT Studio) to enhance the future use of the former club premises to ensure it adds value to the local community and aligns with the project's broader vision,” he adds.
The decision to sell the club premises was “not made lightly” but it was the “right decision” to protect the club’s future, says City Tattersalls Club chairman Patrick Campion.
“The club explored several options to sell, and ultimately, accepted the best offer presented, which came from the consortium led by First Sponsor. This deal will safeguard the club’s future and will enable City Tatts and members to fully embrace its Castlereagh facility. We deeply value the commitment and support of our members as we navigated the options available to us,” he adds.
The presale launch for the residential apartments are slated to start in early 2025. This will be led by CBRE.
Shares in First Sponsor closed 2 cents higher or 1.85% up at $1.10 on July 12.
