Club Ryde Ex Announces Grand Plans for Club and Residential Development

Club Ryde Ex has announced a massive $300 million redevelopment, which will include a new Club and large residential precinct.

The proposed project on the Club’s Victoria Road site will be undertaken by SH Group, following Club Ryde Ex reaching commercial terms and signing a memorandum of understanding (MoU).

It’s expected that the new premises will enhance the core business of the Club while ensuring its future viability through additional residential holdings.

“I have been living this on and off for ten years, so to achieve the deal that we have in place is tremendous,” said Club Ryde Ex’s Chairman Peter Simmons.

CEO Dennis Skinner says this type of development will ensure the Club is sustainable into the long term through different revenue streams.

“We are all aware of the situation the industry faces. While we will continue to provide all the services that a registered club provides, diversification will be key to longevity,” he said.

“Our modelling suggests our residential holdings will accommodate for more than a third of our gaming revenue.

“As for the community aspect, if we can achieve an affordable housing component, it is the intention of Club Ryde Ex to offer frontline workers affordable rentals. This will give teachers, police, paramedics… the opportunity to live in the community they serve.”

While the planning of the proposed project remains in its infancy, initial modelling suggests that the Club will be able to remain operational during the proposed first stage of development at the site.

“There will obviously be some adjustment work required from time-to-time, but I think the members will be happy that we can maintain a presence during the project build,” said Dennis.

The next step will involve receiving member approval at their Annual General Meeting in October, at which time it’s envisaged that the Project Development Agreement will be finished and there will have been an opportunity to undertake several information nights for members.