06/11/2007 - 15:16

WA Club to stay at 101 St Georges Terrace

06/11/2007 - 15:16

Bookmark

Upgrade your subscription to use this feature.

The Western Australian Club has retained its St Georges Terrace home, downsizing its presence in the heritage building it recently sold to a scale that it says better matches its revenue.

The Western Australian Club has retained its St Georges Terrace home, downsizing its presence in the heritage building it recently sold to a scale that it says better matches its revenue.

The club said it had concluded negotiations with the purchaser of the building, Tony Priolo, to lease the ground and basement areas of the building and retain naming rights.

"Leasing allows the club to ensure its property costs are better aligned to its revenues, and to provide improved services to its members in a more efficient manner," the club said in an announcement.

 

Below is the full announcement:

The Western Australian Club has been a key part of the state's history for over 115 years. In recent times, as with many private clubs around the world, the Club has endured financial constraints, due mainly to owning a large heritage building.

This year the Club made the pivotal decision to sell its building at 101 St Georges Terrace to ensure it had sufficient cashflow to maintain operations. This decision will allow the Club to repay debts and create a multi-million dollar investment fund which will provide security to its members into the future. Most importantly, it puts to rest any questions of the Club's financial stability.

This week the Club has concluded negotiations with the purchaser of the building, Club member Tony Priolo, to lease the ground and basement areas of the building and retain naming rights. Leasing allows the Club to ensure its property costs are better aligned to its revenues, and to provide improved services to its members in a more efficient manner.

The Club has also appointed a new general manager, Dennis Allison, who has extensive club experience, most recently at Fremantle Sailing Club, and including over a decade at the Weld Club.

These decisions have allowed the Club to secure its financial future and focus on providing services that are relevant to its members. The Club's purpose has always been to provide an atmosphere where Western Australia's business, professional and pastoral leaders can meet with fellow members and clients in a private environment.

Many outside the Club are unaware a key part of the Club's culture is holding intimate lunches and dinners with some of Australia and the world's pre-eminent business leaders and thinkers. Topics of contemporary relevance are freely discussed - from foundation member Sir John Forrest talking about federation in WA's early years to a recent visit by Al Gore to speak about climate change.

The Western Australian Club's recent changes will ensure this prestigious tradition continues well into the future.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options