Petersham set to boom

Wednesday 2 July, 2008 12:02am

A MASSIVE redevelopment is being considered for the Petersham RSL Club building and surrounding car parks.

Club chief executive officer Danny Fitzgerald said the project would cost $100 million and the club would engage a partner to help develop the land at the three adjacent sites.

This would include building a new $20 million club on the car park on the other side of Regent St, opposite the existing club. The club would be on the ground floor and possibly an aged care or a mixed-use commercial and residential development on top. The existing club building could be offered to another tenant on a 99 year lease, but the board would control a majority of shares for this site, Mr Fitzgerald said.

The car park that runs from Fisher St to New Canterbury Rd would also be developed.

"We are not being prescriptive about what might go on the site," he said. "We have got to start generating some income off our assets and you don't generate anything from car parking."

Mr Fitzgerald said the pokies tax, changes to the smoking laws and the general economic downturn had reduced revenue at the club's Petersham and Newtown sites.

"We are planning for the future but there's no doubt that revenue has dropped pretty severely overall," he said.

Three companies tendered for the partnership and Mr Fitzgerald met them for the first time on Tuesday.

No concept plans were available at this early stage, he said.

"I think it will brighten up the area," he said. "It has to blend with the community and be a fit for the area."

He said they were working to a seven-year plan but hoped to have the work finished in five.

A development application for the new club could be lodged in about eight months and the club was deciding whether to lodge the plan with the State Government or Marrickville Council.

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