The site of the failed, former Kirribilli Club is being offered for sale, presenting opportunity for a revised offering to capitalise on its north shore location and sweeping harbour views.
Lot 1 at 11-23 Harbourview Crescent in Milsons Point spans three levels – ground, mezzanine, and first floor – overlooking Lavender Bay.
The present layout features bars, cocktail lounge, two kitchens, conference facilities, and function rooms, equating to gross floor area of 4,329sqm, atop two levels of basement parking for 64 cars and a commercial loading dock.
Kirribilli Club was founded in 1946 in support of returned defence force personnel and their families.
Despite significant debt it underwent a major refurbishment in 2007 in an attempt to revive patronage, but it continued to have financial trouble.
The current lease on the Club was set to renew in November, and in March management contacted more than 18,000 members, lamenting annual rent soon topping $2 million and posing an ambitious goal for the club to buy the property, asking them to invest in $2,000 debentures.
But the hail Mary scheme failed to raise enough money and in June the club entered voluntary administration with Hugh Armenis from SV Partners.
The property had been sold in2014 for $15.5 million to NSW Harness Racing, and again in 2022, for $22.8 million, to Stadia Capital.
The site is proximate to major public transport, specifically Milsons Point train station, wharf and bus stops. Its MU1 mixed-use zoning provides for multiple uses, potentially bringing a revised hospitality venue, commercial, aged care or even residential (STCA).
JLL Hotels has been appointed to market the asset via an Expressions of Interest campaign, closing Thursday, 29 August. Agents Willem Watson, James Barber, Andrew Rojek, Kate MacDonald and Simon Quinn note this is the first time the iconic site has been offered to market with vacant possession.
“This opportunity provides an astute operator with significant ability to trade at scale in a location that is undeniably one of the best in Sydney,” says MacDonald.
