July 2026 Update

Project Status

The Board remains excited about and firmly committed to delivering the proposed  redevelopment and in doing so securing the long-term future of your Club.

Since receiving Development Approval, the Board has continued working closely with its professional advisers to review project delivery, monitor market conditions and assess emerging opportunities to ensure the redevelopment proceeds at the right time and in the best long-term interests of members.

The Club's location remains one of the redevelopment's defining strengths. Adjoining approximately 19.6 hectares of permanently protected public open space, it is a setting that would be almost impossible to replicate.

Current Market Conditions

While the redevelopment remains financially viable, the Board is determined to maximise the project's long-term value rather than simply proceed at the earliest opportunity.

The construction industry continues to experience significant challenges, including:

·       substantial increases in construction costs;

·       ongoing labour shortages and contractor capacity constraints;

·       fluctuations in property valuations and financing conditions; and

·       some uncertainty across the residential development sector.

These are industry-wide issues affecting many developments across New South Wales and Australia. In these circumstances, the Board believes it is appropriate to continue monitoring market conditions before committing members' funds to a project of this scale.

Government Reform

The Board is also monitoring proposed State and local government planning reforms that may positively influence developments such as ours.

Our advisers are assessing these changes to determine whether they present opportunities to strengthen the approved redevelopment and improve its long-term operational and financial outcomes. While it is too early to determine the ultimate impact of these reforms, the Board believes it would be imprudent not to fully evaluate any opportunity that may enhance the project before construction commences.

Importantly, planning work continues behind the scenes, ensuring the Club is well positioned to move forward when market conditions and project settings are right.

Our Vision Remains Unchanged

The Heart of Forestville redevelopment continues to be designed to:

·       secure the Club's long-term financial future;

·       reduce reliance on gaming revenue;

·       deliver significantly enhanced facilities and services for members and guests;

·       retain 100% Club ownership of our land and assets; and

·       strengthen the Club's role as a community hub for future generations.

Pictured: Geoff Green, Forestville RSL Club President

Message from the President

Club President Geoff Green recently summarised the Board's approach:

"Our responsibility is not simply to build a redevelopment—it is to ensure we deliver the right redevelopment, at the right time and under the right market conditions, so that it provides lasting value for current and future generations of members and guests."

The Board appreciates the continued confidence and support of our members as we work towards delivering a redevelopment that will secure the Club's future.

Members will continue to receive regular updates as the project progresses. Should you have any questions, please visit www.heartofforestville.com.au or contact the Club directly.

Thank you for your continued support.

The Board of Directors
Forestville RSL Club Ltd