The Kirribilli Club, a popular social club in Sydney that overlooks some of the city’s most fantastic views, has reached out to its members to rally for financial assistance. In a recent email, the Club’s Board and Management urged them to consider investing between $10 million and $15 million to either purchase the Club’s property back from STADIA CAPITAL or relocate to a more affordable location within the area.
The Club is facing financial stress with a rental arrangement of over $2 million per annum and an additional $1 million in building expenses. This has led the Board to decide not to exercise the rental renewal option, which was due to start in November 2024.
To secure its future, the Club is offering Debenture Certificates in favour of members’ financial investment. The Debenture Certificate’s indicative summary includes a value of $2,000, a minimum of one certificate per expression of interest, and a maximum of unlimited certificates per expression of interest. The maturity date for the debentures is flexible, ranging from 3 to 10 years, with an interest rate of 2% above the standard fixed-term reference rate. The interest payments will be made monthly, and the principal payments will be paid on debenture maturity.
The Club’s Board and Management have requested their members’ serious assistance in raising the necessary funds. They believe that the Kirribilli Debenture opportunity is the best solution for the Club’s longevity and continued existence going forward.
The Club has set a deadline of midnight on Tuesday, 2nd April 2024, for the Expression of Interest offer. Members were encouraged to can register their support by completing an online form or by sending an email.
The Kirribilli Club has been a hub for social activities, entertainment, and dining for over 70 years. It has a rich history and a loyal membership base. The Club’s Board and Management are hopeful that their members will rally to its support and help secure its future for generations to come.
