- The acquisition has been touted as a win-win for both the Sharks and the community
- The vendor was Samglade Pty Ltd
- Income and revenue is expected to be generated through the merchandise outlet
Local rugby league legends have made a splash at Cronulla Plaza, acquiring the old Westpac building at 94 Cronulla Street for $7.1 million.
The Cronulla Sutherland Leagues Club, also commonly referred to as The Sharks, acquired the 562 square metre retail/commercial freehold building from vendor Samglade, who has held the property for over 26 years.
Located in the heart of Cronulla Plaza, The Sharks are set to turn the property into a new office and retail space for a merchandise store.
The deal was negotiated by Trent Gallagher and Edward McFarland of Colliers, with the transaction viewed as a win-win for both the Sharks and the local community.
“For the community in Cronulla, having the Sharks in a main retail strip will increase foot traffic and help support local businesses. It will also create opportunities for the community to engage with the Sharks and their activities, which could have a positive impact on the local economy and social fabric,” Mr Gallagher said.
“For the Sharks, acquiring a prime location in the heart of Cronulla Mall will provide them with greater visibility and accessibility to fans and supporters. It will also allow them to have a central office and merchandise store, which will make it easier for them to manage their operations and connect with their audience,” Mr McFarland added.
The rugby league club was founded in 1963 and is a pillar of the local community. The Sharks are currently completing the redevelopment of the Leagues Club as part of the $300m Woolooware Bay Town Centre, which will include two large supermarkets, indoor and outdoor dining, specialty shops and a health and wellness precinct.
Group CEO Dino Mezzatesta, who with members of the Sharks Board of Directors oversaw and negotiated the purchase, was confident the building would prove to be a valuable Club asset.
“The building is in a prominent position and gives us a presence in one of the main retail, entertainment and restaurant precincts in the Sutherland Shire,” Mr Mezzatesta said.
“It is also a substantial addition to our asset base, can accommodate Sharks staff and will increase our income and revenue through a new merchandise outlet.”
“The first time the business has ventured down this path, this purchase was assessed in line with a thorough due diligence process and will be a wonderful opportunity for us to further guarantee the Sharks long-term financial future.”
