The Sharks have added to their property and asset portfolio with the acquisition of the former Westpac building in Cronulla.
Located at 94 Cronulla Street at the southern end of the Cronulla Mall, the 562sqm retail/commercial freehold building is set to be transformed into a new office and retail space for a Sharks merchandise store.
Group CEO Dino Mezzatesta, who with members of the Sharks Board of Directors oversaw and negotiated the purchase through Colliers, 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,” 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.”
Held by the vendor, Samglade Pty Ltd, for over 26 years, Colliers Sales Agent Trent Gallagher, who along with colleague Edward McFarland brokered the sale, agreed the transaction should be 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,” Mr Gallagher said.
“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,” he added.
“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 said.
Coupled with the previous acquisition of the premises and licensed club operations at Kareela Golf Club, while currently completing a redevelopment of the Leagues Club as part of the Woolooware Bay Town Centre, the purchase of the former Cronulla Westpac Building complements the Club’s investment strategies in significantly boosting its assets base.
