April 2024 Update

19 Apr

We are pleased to provide the following project update to our valued club members and local community residents.

We have continued to make good progress this year on the DA phase of the redevelopment of the Forestville RSL Club. As you’re aware, in addition to the redevelopment of brand-new club facilities, we are also including a boutique retirement living community within our redevelopment plans. As testimony to the suitability and demand for this product, we have received many early expressions of interest from our own club members who will be updated as a priority as soon as we are able to form a waitlist.

To ensure our members, guests and local community remain abreast of our strategy we have provided an overview of the key stages of the proposed development below:

Proposed Development Stages

Stage One

Includes:

New Club Building – The construction of a brand new, single level club
Existing Club Building – Our existing club will continue to operate right up until the new club is opened to ensure our members and their guests are able to continue enjoying our facilities
Existing Carpark – The existing club carpark will continue to be available for use throughout Phase One
Phase 1 Boutique Retirement Community – Approximately 20 high-quality Independent Living Units (ILUs) will be built over 2 stories above the new club. The Phase 1 ILU sales will contribute to the cost of the overall development including the brand new club.

Stage Two

Includes:

Existing Club Building - Following completion of the new club facility, the existing club will be demolished
Existing Car park – The existing Club car park will also be demolished to make way for 3 additional ILUs buildings
New Car park – The new Club car park will be located in the basement of the brand-new Club building
Phase 2 Boutique Retirement Community - Approximately 40 additional ILUs will be built within three separate buildings of 3 stories. These ILUs will be built where the Existing Club and Existing Car park is located. Significant open space with landscaped areas will also be a key feature as a link to the natural bushland around the club. Together with the Phase 1 ILUs, the sale of these ILUs will contribute to the cost of the overall development, including for the brand new club.

Boutique Retirement Community Approach

Over the last few months we have been liaising with seniors living specialists and industry advisors to assist us in our approach to developing a high-quality and successful boutique retirement community.

Similar to our engagement of our Project Manager, Architect and Town Planner, we have engaged a specialist retirement living consulting team, well versed in seniors developments, management and operations. They join our formidable and knowledgeable redevelopment team to assist us in ensuring the best outcome possible for the future financial security of our club.

Their role will include assisting with a number of key facets of our Retirement Community:

Industry Sales and Operations Review of Apartment Designs, Common Areas and Amenities
Advising on Retirement Community Service Inclusions, User Pay Services and Enhanced Value Proposition
Utilising their Operational Experience to increase Stakeholder Confidence
Setting appropriate Pricing and Fees to position our Retirement Community for a strong financial future
Assistance with Legal and Compliance
Developing the Retirement Community Branding and Marketing Strategy
Developing and Executing our ILU Sales Strategy

Next Steps

We are continuing to work with our project team to fine-tune our designs and finalise our Development Application and expect to be in a position to lodge it in the second half of this calendar year. Subject to council approval, we hope to commence a tender process and builder procurement by the end of 2024.

To ensure we have our project funding in place, we have also progressed discussions with two of the big four banks, both of which specialise in financing club developments with retirement living such as ours. They have both confirmed that our project fits within their lending parameters and have expressed a high appetite to fund our development.

These certainly are exciting times, and the Board and Management of Forestville RSL remain extremely positive regarding this club initiative and excited about the benefits it will deliver to our members, guests and local community.

The club’s AGM will be held on Monday 6th May and we look forward to providing another project update at that meeting.

Regards,

Tony Moody, President and Ian Thomson, CEO
Forestville RSL