Club sells assets for $3m refurb
FOR the past 30 years, the Grafton District Services Club has been buying up investment properties around its location on Mary Street.
Now, for the first time in as many years, the club is selling off some of its houses.
General manager Arthur Lysaught said the club is selling six properties to help fund a $3 million redevelopment now in progress.
The redevelopment includes the total refurbishment of the existing building, plus a new coffee lounge and ‘quiet bar’, an updated kitchen and improved facilities for bowls players.
Mr Lysaught said the club had looked at turning its properties into self-care aged dwellings but decided against the development.
Instead, due to the current economy, he said the club had decided to minimise its borrowings by selling-off some of its investments.
Four properties in Alice Street, one in Fry Street and Mr Lysaught’s former residence in Mary Street, are all going under the hammer next month.
Mr Lysaught said the club expected to raise between $1.1 million and $1.3 million from the sales, which would greatly reduce the amount it would have to borrow.
He said the sales marked a change for the club, which since 1980 has had a policy of buying up any property that came on the market in the block contained by Mary, Fry, Dobie and Alice streets.
“We’ve got to the point where we own all but two on Mary Street and all bar one in Fry Street, and we’d started purchasing properties in Alice Street as well,” he said.
Although the houses being sold had been very good investments, Mr Lysaught said they were now surplus to the club’s requirements.
Real estate agent Kim Dahl is looking after the sales. He said the properties in Alice Street would be attractive to developers for their potential to be turned into units.
Mr Dahl said as well as being close to town, the four properties were unique because they were situated side-by-side in lots of two.
The Mary Street property, on the other hand, he described as ‘an excellent home on a big block of land’.
Mr Dahl estimated they would go for between $160,000 and $260,000. The auction will be held at the club at 6.30pm on February 25.