The Western Australian Club is considering the development of its prime St Georges Terrace property, potentially following in the footsteps of the neighbouring Weld Club’s success with Exchange Plaza.
The Western Australian Club is considering the development of its prime St Georges Terrace property, potentially following in the footsteps of the neighbouring Weld Club’s success with Exchange Plaza.
In a letter to members this week outlining a loss of $525,455, the club revealed it had been approached by a group interested in developing the property.
“This may be a similar proposition to the Weld Club’s success in selling their “air space” for future income streams, and would guarantee the long-term future for the Club,” the letter, signed by club treasurer Anne Bishop, said.
“This is being negotiated but is very much in its infancy,” the letter added.
WA Club CEO Barrey Williams said the club was always looking for improvement opportunities.
“We own a four-storey property, which has heritage considerations, but BankWest Tower is a perfect example of how a heritage site can be developed to incorporate that heritage element,” Mr Williams told WA Business News.
“We don’t have any concrete proposals but if we were going to build in the city we would do it big. The club would remain in the site, it just may operate from the 50th floor.
“The basic thing we need to do is increase membership – we have 1,900 members and we want to get to about 2,500.
“But member numbers are up net 140 this year, which is the biggest growth we have experienced in five years.” he said.
The 916 square metre property, at 101 St Georges Terrace, was purchased by the WA Club for $3.2 million in 1995 and the next year a $1.5 million internal refurbishment was undertaken.
The site contains four storeys at the front, three storeys in the centre and a two-storey former warehouse section at the rear.
The building was completed in 1887, and its first occupant was the Australian Mutual Provident Society (AMP).
Mrs Bishop said the club was subject to a confidentiality agreement but might be in a position to announce something in two to three weeks in relation to the development of the site.
The letter sent to WA Club members says the development may be similar to that undertaken by the Weld Club.
The nearby reserved and exclusive club owns the 5,779 square metre site at the corner of The Esplanade and Barrack Street, which includes Exchange Plaza.
The Weld Club building was erected in 1892. It was designed by Sir Talbot Hobbs.
Exchange Plaza was completed in 1992 at a cost of $270 million, with a 135-year lease from the Weld Club dating from 1988.
The leasehold is equally owned by the Stockland Group and Commonwealth Managed Property Syndicate.
