Fife quietly sells Castlereagh Club
EXCLUSIVE
The Castlereagh Club has sold in what is the Sydney CBD’s largest strata deal this year.
Actually a stratum, the four level space at the base of the Victoria Tower at 197 Castlereagh Street traded to a private investor.
Fife Capital was the seller.
The York St asset manager, founded 20 years ago by Allan Fife who remains its chief executive officer and controlling principal, paid $19.85 million ex-GST in a leaseback deal in 2019.
The asset failed to sell in late 2022 with $45m-$50m price hopes.
At the time the City Tattersalls Group was on a lease expiring 2031, using the property as its headquarters, sports centre, and hospitality hub while its $505m heritage Pitt Street site was redeveloped.
A refreshed bistro was run by celebrity chef Colin Fassnidge.
The property also included a World Gym.
With that club collapsing in 2024, it sold vacant this time around.
City Tattersalls also sold 18 electronic gambling machine entitlements (continues below).
The property had previously been advertised as having the potential to contain over 100 EGMs.
Willem Watson and Gordon McFadyen from JLL, a different agency to the 2022 campaign – brokered the deal off-market.
Unexpected vacant possession
With about 3000 square metres and 12 basement car parks, Fife bought the Castlereagh Club on a 6.5 per cent yield.
The site was for decades the Catholic Club—providing downtown workers with dining facilities, squash courts, and gaming.
The current four-level commercial podium was constructed beneath Victoria Tower in 1996.
It is 70 metres from the Pitt Street Metro, 200m to Museum Station, and 250m to Town Hall Station.
More to come.
Subscribe to our newsletter at the bottom of this page.
