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The cash-strapped City Tattersalls Club has sold off its downtown Sydney headquarters to a consortium led by Singapore-listed First Sponsor Group.
The consortium—90.5 per cent owned by First Sponsor—paid $24.7 million for the partially heritage-listed property at 194-204 Pitt Street, in Sydney’s heart, in a deal that closed about a week ago.
First Sponsor is working with Melbourne-based property developer ICD Property to redevelop the 3200sq m property.
The consortium won approval from the Central Sydney Planning Committee in November of 2021 for a 50-storey mixed-use tower that includes 241 apartments, new ground-floor retail and restaurants, an upgraded lower bar and grill, and a commercial wellness centre. The approval includes a 101-room hotel within the tower.
The sale will now see the original club premises, which span multiple storeys and a basement, become part of the development. Under the plans the facade and key interior features of the 129-year-old building will be retained and restored.
Richard Crookes Construction was appointed builder last year and bulk excavations are reportedly almost complete.
City Tattersalls Club chairman Patrick Campion said the decision to sell the club premises was not made lightly but was the right one to protect the club’s future.
“The club explored several options to sell, and ultimately, accepted the best offer presented, which came from the consortium led by First Sponsor,” Campion said.
This deal will safeguard the club’s future and will enable City Tatts and members to fully embrace its Castlereagh facility. We deeply value the commitment and support of our members as we navigated the options available to us.”
The club was formed in 1895 by a group of bookmakers disgruntled with a judge’s decision on a race at Kensington.
As the story goes, on April 6 in 1895, Merry Girl—at odds of 6-1—won the last race of the day but was disqualified when stewards discovered she was two pounds (0.9kg) overweight.
Pearl Powder, a four-year-old mare who ran second at 5-2 was declared the winner but, standing to lose money on the heavily backed winner and believing Merry Girl’s owners should have appealed (the jockey weighed in with his whip), the paddock bookmakers refused to pay out.
They were escorted from the course and formed the City Tattersalls Club shortly after.
