Members, community win in Sharks redevelopment

The Cronulla Sharks board has unanimously resolved to select a consortium comprised of Bluestone Property Solutions, Capital Corporation and Parkview (the Consortium) as its preferred development partner for the redevelopment of the Sharks property holdings.

The decision comes after an extensive EOI campaign, conducted on behalf of the Cronulla Sharks by David Hynes from Winston Langley, was presented to the club's management.

Set in the heartland of the Sutherland Shire, the Cronulla Sharks Leagues Club and Toyota Stadium form part of a 10-hectare land holding owned by the Sharks.

The club aims to maximise this holding and redevelop the land into an innovative, integrated mixed-use development.

"This is an exciting step in the history of the Club," Sharks Chairman, Damian Irvine, said.

"Whilst we are mindful of the fact that our members have been promised solutions for the development of our land holdings many times over the years, the thoroughness and scope of the process undertaken by Winston Langley and the Board, and the objective nature of the EOI campaign leaves me in no doubt that our preferred development partner possesses the experience and vision to create a world-class outcome for the Sharks site."

The Consortium, led by Bluestone Property Solutions, has proven development and construction credentials with extensive experience in delivering major mixed used developments and will draw on this expertise to implement a solution which will bring economic benefits and much needed facilities to the Sharks Leagues Club and community.

Representatives of the Club and the Consortium will finalise a Heads of Agreement within the next four weeks, ready to be presented to Club members in the near future along with full details and a concept scheme for the proposal.

"We look forward to presenting further details of the proposal to our members and key stakeholders once the relevant legal work has been completed," Irvine said.

"We're now in the strong position where the development of our property holdings and the financial realisation of our assets are additional to the revenues of our core businesses, rather than mandatory in funding our core businesses."

The development contemplates the preparation of a new concept scheme for the entire Club holdings and will include a long-term vision for the existing Club premises and Toyota Stadium. The proposal includes the provision of upfront funding to the Club and cash and annuity income upon completion of the project.

"Following a detailed analysis of the options open to the Sharks in relation to its property holdings, we conducted an exhaustive campaign on behalf of Sharks with the goal of securing the ideal partner to achieve the Club's objectives from the project," Club property advisor, David Hynes, said.

"We are confident that the Consortium will work closely with the Club to bring about an excellent outcome for all stakeholders."

Ben Fairfax from Bluestone Property Solutions added: "On behalf of the Consortium we have been impressed with the professionalism, transparency and thoroughness of the process adopted by the Board and are proud to be associated with this development." "We look forward to continuing to develop a strategic partnership with the Sharks and Winston Langley to implement a vision to create a market leading, integrated, mixed use development which enhances the Club's existing facilities for members and the greater community ultimately providing long term economic benefits."