Parramatta. Parra Leagues sells property

Parramatta Leagues Club has sold an office building, at 52 O’Connell Street, in North Parramatta, with vacant possession for $2.05 million to an owner-occupier. The club is having discussions about the sale of level one of 50 O’Connell Street, for $3.175 million. Negotiations are being held for a development site, at 46-48 O’Connell Street, to be sold for about $1.85 million, according to The Australian Financial Review.

Parramatta. Doubt on leagues club's future

The Parramatta Leagues Club has current liabilities of $31.6 million, With assets valued at $3.6 million, the shortfall is $28 million, which PKF auditor, Paul Cheesman, said cast doubt on the ability of the club and its affiliates to continue as a going concern. The club lost a record $9.1 million last year. The Daily Telegraph reports that CEO, Denis Fitzgerald has sold properties worth $5.6 million. Last weekend, the club sold the Two Blues Rugby clubhouse for $3 million to the Australian Kfarsghab Association, which seeks control of the board, under the rebel 3P ticket, at elections this weekend.

Parramatta. Leagues club to sell properties

Parramatta Leagues Club has called for expressions of interest in the Two Blues Club plus two cottages, overlooking the Parramatta Golf Course and the CBD, and a site on the corner of Grose and Villiers streets, which has a DA approved for 27 units and ground floor commercial. EOIs close on September 5.