Deed Administrators save Scarborough ClubDOWNLOAD
27 September 2012: The Deed Administrators of the Scarborough - Wombarra Bowling and Recreation Club Ltd (“the Club”) today confirmed they exchanged on a sale of 578 – 582 Lawrence Hargrave Drive, Wombarra, NSW 2515 (“the Property”), the Club’s property.
Deloitte Partner David Lombe, one of the Joint Administrators with Partner Neil Cussen, today said:
“We were committed to identifying a purchaser that would ensure the Club could pay its debts in full and have a future rather than closing. Sale consideration for the Property includes both cash and the commitment to build a new clubhouse.”
“The Club will continue to operate at its current facility and will then operate from the new clubhouse under a 99 year lease for minimal rent. Construction of the new clubhouse, which must commence within 9 years, will be built by the purchaser, Kennedy Health Care Group.”
Mark Kennedy Managing Director of the Kennedy Health Care Group said: “We are excited to be involved with this site as we believe it will fit well within our portfolio of aged care centres in Sydney and the Illawarra. When complete, it will boast a new clubhouse and a state of the art aged care centre that will benefit existing and future club members as well as the greater community at large.”
The Deed Administrators will continue to operate the Club’s business until settlement of the Property (scheduled to occur on 29 October 2012) and payment of the Club’s creditors in full occurs.
Following payment of the Club’s creditors, the Deed Administrators will retire and the Club’s board will resume control of its business operations. With circa 300 members and 7 staff the Club’s future will be back in its hands.
NB: See our media releases and research at www.deloitte.com.au
Follow us – @DeloitteNewsAU