members briefing 3
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Member Presentation 3
PREFERRED DEVELOPER
Held at City Tattersalls Club on Tuesday 10 December 2013
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
Members communication since Briefing Meeting 2 on Tuesday 27 August 2013
Media Coverage
September
Information added to Club website includes:
• Airspace Development landing page
• Members Briefing Meeting 2 Presentation
• Club Information Memorandum
September/October
• 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
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
MEDIA COVERAGE ARTICLES SUMMARYHEADLINE DATE MEDIUM‘City Tatts enters new era’ Monday 2 September 2013 Property Oz‘Final piece in waterfront puzzle’ by Ben Wilmot and Lisa Allen Saturday 31 August 2013 The Weekend Australian‘City Tatts reaches skywards to secure future’ Thursday 29 August 2013 The Daily Telegraph‘City Tatts Club plans 48-floor tower’ by Carolyn Cummins Thursday 29 August 2013 Sydney Morning Herald‘City Tattersalls Clubs plans to ‘unleash’ Pitt Street space’ by Robert Harley Thursday 29 August 2013 Australian Financial Review‘Tatts unveils CBD tower plan’ by Lisa Allen Thursday 29 August 2013 The Australian‘New 48-storey tower could spark Chinese interest’ Thursday 29 August 2013 Brisbane Times‘Sydney is in the grips of a building boom’ Wednesday, 28 August 2013 Channel Ten 5PM NewsNew 48-storey tower could spark Chinese interest’ by Carolyn Cummins and Stephen Nicholls
Wednesday 28 August 2013 Sydney Morning Herald
‘City Tatts Club plans 48-floor tower’ Wednesday 28 August 2013 Brisbane Times‘City Tattersalls Club proposes 48-level Pitt Street Sydney mixed use redevelopment’ by Nicola Trotman
Wednesday 28 August 2013 Property Observer
‘Office sector subdued as rents flatten’ by Carolyn Cummins Wednesday 28 August 2013 Sydney Morning Herald‘City Tattersalls bets on tower block plan’ Saturday 24 August 2013 The Australian
PREFERRED DEVELOPER
Member Presentation 3Completed Actions
Property OZ ‘City Tatts enters new era’ Monday 2 September 2013
The Daily Telegraph ‘City Tatts reaches skywards to secure future’ Thursday 29 August 2013
Sydney Morning Herald City Tatts Club plans 48-floor tower’ by Carolyn Cummins Thursday 29 August 2013
PREFERRED DEVELOPER
Member Presentation 3Media Coverage
PREFERRED DEVELOPER
Member Presentation 3Media Coverage
Brisbane Times ‘New 48-storey tower could spark Chinese interest’ by Carolyn Cummins Thursday 29 August 2013
Channel Ten 5pm NewsWednesday 28 August 2013
Commencement of Expression of Interest: 2 September 20131. 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
PREFERRED DEVELOPER
Member Presentation 3Information Memorandum
PRoPeRtythe site consists of the two titles containing four properties being
194 Pitt street on one title and 196, 198-200 and 202 – 204 Pitt
street sydney, on the other.location
situated in the centre of the cbD, the club site is only metres
from the intersection of the Pitt street mall and market street.
this location provides excellent access to the retail hub of sydney,
the Pitt street mall with its offerings of the westfield sydney city,
myers, David Jones and all of the associated specialty shops
surrounding these major retail offerings.it also provides excellent amenity with access to the rail network
at st James station and town hall, buses and taxis, parking,
entertainment, restaurants, bars and gymnasiums.
the city tatteRsall’s clubthe club is the owner of two titles fronting Pitt street containing
the four properties of 194, 196, 198 - 200 and 202 - 204 Pitt
street. the club has been associated with this site since its
inception in 1926 and the planning of three of these properties is
listed on the central sydney LeP heritage inventory.develoPMent Potential the club has undertaken extensive preliminary investigations
and discussions with the sydney city council. it has established
that a development of approximately 33, 500sqm of gFa can
be constructed on the site dependent on the mix of commercial
and residential.approximately 18,000sqm of gFa is potentially available to be
developed as residential apartments. this allocation of gFa is
flexible and dependent on the final design and allocation back to
the club.
the club wishes to enter into a development agreement with
a suitable party to provide the successful party with the rights
to develop the site. in exchange the club wishes the developer
to develop and hand back to the club as freehold ownership,
the following;i) the basement to level 6 of some 10,285sqm, as a cold shell
ii) the top two levels being 47 and 48 in the clubs scheme, of
approx. 620sqm, as a cold shelliii) hotel/serviced apartments on levels 7 – 13 inclusive and
divided into 97 units, a total of 4,875sqm of gFa
iv) apartments in the residential towerv) cash
the club also wishes to remain in occupation of 202 – 204 Pitt
street during the development. exPRessions of inteRestinternational expressions of interest closing at 4;00pm thursday
10th october 2013.exclusive marketing agentsJon choMleynational Director, capital markets
investment servicesm; + 61 412 219 830e; jon.chomley@colliers.com
RobeRt Mccuaigco-Founderadvisory board+61 412 257 227robert.mccuaig@colliers.com
INFORMATION MEMORANDUM – CITY TATTERSALLS CLUB DEVELOPMENT
194-204 PITT STREET, SYDNEY AUSTRALIA – SEPTEMBER 2013 7
PR
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outstanding location194 – 204 Pitt street is in the very heart of the sydney cbD. the opportunity to develop residential apartments in such a central location rarely becomes available due to the difficulty in collating a
site that is economically viable. whilst there have been numerous fringe city apartment developments, this site provides the exceptional amenity that comes with such a centrally located development site.MiniMised land cost
Due to the club looking to have parts of the development completed and returned to it for occupation, there is no requirement for all the air rights value to be paid prior to work commencing. this will enable a developer to minimise financing costs against this component and reduce overheads for the site development.outlook and vieWsthe site is in an intensively developed area of the cbD however, with low rise buildings to the north, the development will enjoy views up and down Pitt st and across Pitt st to the west. it will also have north easterly views from the upper levels towards hyde Park and the harbour.
8
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.
I N F O R M A T I O N M E M O R A N D U MCITY TATTERSALL’S CLUB DEVELOPMENT – 194-204 PITT STREET, SYDNEY AUSTRALIASEPTEMBER 2013
CITYTATTERSALLSCLUB
Example Pages 6 - 7 Example Pages 10 - 11 Example Pages 8 - 9
PREFERRED DEVELOPER
Member Presentation 3Information Memorandum
6 Week Marketing Campaign
Launched from 2 September - 9 October 2013
ADVERTISING DATE MEDIUMWeek 1 03/09/2013 Australian Financial Review - Tuesday
07/09/2013 Sydney Morning Herald - CommercialWeek 2 10/09/2013 Australian Financial Review - Tuesday
14/09/2013 Sydney Morning HeraldWeek 3 24/09/2013 Australian Financial Review - TuesdayCAMPAIGN ITEMSE-Marketing 03/09/2013 Email to qualified database of 2,500 Internet 03/09/2013 Real Commercial web listing
Display Advertisements Australian Financial Review
Display Advertisements Sydney Morning Herald
• Internet hits 812
• Information Memorandum sent 67
• Confidentiality Agreements sent 21
• Groups in Data Room 17
Colliers advise this was one of the best campaign results seen - “A Fantastic Result”
Level of Market Interest From the 6 Week Marketing Campaign
PREFERRED DEVELOPER
Member Presentation 3Marketing Campaign
Receipt and Appraisal of Expressions of Interest
10 October 2013 - 9 December 2013
1. Initial submissions reviewed
2. Short list 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
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
The 3 shortlisted companies submitted their revised proposals
Submitted on Wednesday 4 December 2013 for evaluation and appraisal by City Tattersalls Club
PREFERRED DEVELOPER
Member Presentation 3Expressions of Interest
Result of Appraisal of Expressions of Interest
City Tattersalls Club is proud to announce that Mirvac was selected as the preferred property group to work in partnership with our Club.
Why Mirvac was selected
Financial
• Financial strength of Mirvac
Design
• Australia’s leading design firm - Crone Partners
• 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
PREFERRED DEVELOPER
Member Presentation 3Preferred Developer
Indicative Development Proposal 1
Potential Development Proposal Presented By Tony Guilfoyle Chief Executive Officer City Tattersall Club
What is included in the Development Proposal• Seven floors of new Club space With a range of amenities including restaurants, bars, fitness centres, 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
PREFERRED DEVELOPER
Member Presentation 3Potential Development Proposal
Total of 48 levels
© 2013 copyright | crone partners4
EOI scheme presentation | city tattersall’s club | sydney | 07.12.2013
FunctionsLevels 45th
Plant Space
Levels 41st - 44th
Residential Penthouses
Levels 14th - 40th
Residential Units
Levels 9th - 13th
Hotel Suites
Levels 7th - 8th
Restaurant & Lobby
Level Ground - 6th
Tatersall's Club Facilities
Level 14 - 44Residential Units
Level 8 - 13100 Room Hotel: 4 Star
Level 7 100 Seat Restaurant & Sky Terrace
Level Ground - 6City Tattersalls Club Upgraded Facilities
Level Basement 1 & 2Shared Sub Basements
PREFERRED DEVELOPER
Member Presentation 3Potential Development ProposalIndicative Development Proposal 1
Interim Club during the build1. 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 the Club long term?Presented by Patrick Campion Chairman, City Tattersalls Club
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
PREFERRED DEVELOPER
Member Presentation 3Interim Club
Next stages from 10 December 2013
Key milestones for the next stage December 2013 - July 2014:
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
2013 2014 DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY10 December 2013 Member's Briefing
11 December 2013 Exclusivity Period
13 December 2013 - 14 July 2014 Work up Development Management Agreement DMA / Agreement
14 February 2014 - 14 May 2014 Set up member display and information area
14 July 2014 Set up Member Approval process Member Vote
PREFERRED DEVELOPER
Member Presentation 3Next Stages
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