Workers’ club prepares for $500 million retirement village in Blacktown
Since then it has grown to three clubs with 55,000 members: Workers Blacktown, Workers Sports and Workers Hubertus, a country club in Luddenham, next to the Western Sydney International Airport development, which brings in over 45 million dollars per year.
Mr Morgan described the project as a ‘win-win’ as it would meet the accommodation needs of much of the club’s and Blacktown’s aging population while helping to diversify the club’s income, of which around 75 per cent come from games.
“It’s very strongly positive for revenue. The money we generate is reinvested in services and products for our members. This is an extension of our revenue diversification,” he said. .
The retirement village will be operated on a license model, where a right to live in a unit is sold to residents, with the Workers Lifestyle Group retaining full ownership. The group itself is the operator and is considering co-sharing agreements where the capital gains made from the resale of the licenses are shared with the departing residents.
“Parkside also fills a real need in Sydney’s west, for a high quality, self-contained and secure retirement lifestyle, but literally next to our worker sports facilities,” said Mr Stewart.
“We expect many Parkside residents to be our own members – we’ve been talking to them about this project for years and the most common response we get is ‘when can I buy a unit?’”
With planning approval in place and bank financing secured, the project will take approximately five years to complete in stages. It joins other projects of organizations such as the RSL, which have also sought to realize the development potential of their real estate assets held on the balance sheet.
In Sydney, North Ryde RSL has announced plans to develop housing on the TG Millner Sports Ground, while Gladesville RSL plans to create a vertical village for the elderly.