We were warned about Colliers in 2012

Property market observers warned us about Colliers from day one.

We were always told that Jon Chomley’s real role was to transfer City Tatts’ site to a developer under Tony Guilfoyle’s direction.

That is exactly what is happening now and would also explain why that other Colliers sleazeball, Robert McCuaig, was at last week’s members meeting.

You can see why this latest scheme was too much for Wendy Fisher.

And what does James Kennedy, the man who is paid to protect members’ interests, have to say about this?

Nothing.

Wouldn’t Colliers dealings be fraud – you know, … obtaining a financial advantage by deception etc ….?

And where is the Office of Liquor, Gaming & Racing?

Off chasing greyhounds!

City Tatts Information Desk

Advertisements

Did Colliers award the contract to themselves?

City Tattersalls Club has been “a friends place” for quite a while now.

Whether it’s the club’s architect also designing Tony Guilfoyle’s house and motels, or an art gallery being paid by the club for displaying paintings on which the gallery takes all the profit.

Well this just might have gone to a whole new level.

The latest attempt to profit from the club’s land has been granted to a Melbourne property middleman that no one in Sydney has heard of.

Actually, that’s not quite right. You may not have heard of them, but Colliers have. In fact this property middleman lists Colliers as one of their partners.

Remember, Colliers are paid to find a developer and assess any proposals received.

Wonder if it was a difficult decision to award it to themselves?

But then, maybe they were the only one to submit a proposal.

City Tatts Information Desk


What deal has been done with ANZ Bank?

There was one item missing from the Australian Financial Review coverage of the latest City Tatts property plan, and also from the Club’s presentation to members.

What deal has been done with ANZ Bank?

Mirvac dropped the whole project because they couldn’t reach agreement with ANZ Bank. So the only conclusion is that anyone else who wants to do anything will have to reach agreement with them.

In fact, it was the Financial Review who ran a story about this recently. So it was the obvious question to ask Tony Guilfoyle when they spoke to him last Wednesday.

Maybe they just forgot.

City Tatts Information Desk


New “team” lacks everything they wanted in a developer!

Many people have commented that City Tatts looks more like The Twilight Zone every day.

The latest “team” to attempt a property development on the Club’s site is a good example.

Do you remember why Mirvac were chosen as preferred developer in December 2013?

If you can remember the presentation to members at Airhead Development Meeting No. 3 you may recall that Mirvac got the nod because:

  • They understood City of Sydney Council requirements
  • They already had everything needed in-house to design and build it themselves
  • They were experts at building in Sydney CBD
  • They had the financial strength to complete it

Leaving aside all the hype, one of the few definite facts about Mirvac was that they really did have some experience of building in Sydney CBD and dealing with City of Sydney Council.

The new “team” announced this week has none of the attributes they said they wanted in a developer!

This motley crew from Melbourne would have been dismissed on sight a year ago. In fact, no one in Sydney property has ever heard of them. But now things are so desperate anyone will do.

But you have to wonder if this lot are really going to develop anything, or are they just there to give the appearance that things are moving forward before they on-sell the deal to a real developer – like Grocon or Stockland…. or David Jones.

City Tatts Information Desk


Report on Airhead Development Meeting 28 April 2015

We’ve had a few reports from the latest Airhead Development Meeting.

By all accounts it was the usual mix of excuses, lies, deception with some farce.

Pat Campion kicked off the meeting with nonsense like “we always said forecasts were subject to change…” and similar excuses for why everything he has promised members has ended in complete failure. Incredibly, he then said there “was every reason to be confident” about the latest plan. If the last 2 years has told us anything it can only be to expect more failure.

Then he outlined a new proposal which looked just like the old proposal, only with less chance of ever happening since a much weaker team is going to attempt it.

Then that miserable spruiker Jon Chomley (from Colliers) tried to talk up the new team. But it was obvious that nobody had ever heard of them.

Next, Tony Guilfoyle summarised the sorry saga of the DA application. Even with him leaving out almost all the important information it was clear it had stalled, with major objections from Council still to be resolved. Incredibly, he then admitted that they were going to withdraw the DA application and submit a new one!

Finally, that hopeless KPMG fraud, James Kennedy, (now with Jones Lang LaSalle) spoke for a few minutes and offered a few meaningless statements that provided no assurance of any kind to members.

But there was one moment of pure City Tatts farce. As Campion was reading down one slide he came across a statement that could only have been written by Tony Guilfoyle to be given to the media the next day: “The Club briefed members yesterday and the feedback was overwhelmingly positive” !!! This was too much even for a compulsive liar like Campion, but the members thought it was hilarious.

City Tatts Information Desk

.


Latest City Tatts property plan confirms what everyone suspected

Yes, City Tatts is now a complete shambles.

Those two clowns, Guilfoyle and Campion (or Tweedledum and Tweedledee to give them their correct titles) have reduced the Club to absolute chaos.

The latest news confirms everything that people have been saying on this and other blogs, and exposed the “information” dished out to members at Airhead Development meetings for the crap it was.

Here is a quick summary of what the revised property plan really means:

  • None of the major property groups will touch City Tattersalls Club, and that includes Stockland and David Jones
  • As a result, the Club has had to move down the quality ladder, a long way down, in their desperation to find a developer
  • The “new” plan looks remarkably like the old plan with a few tiny changes – exactly as predicted by one of our contributors (see previous blog on this site: Any Improved Deal Will Only Expose The Mirvac Deal)
  • The whole DA application has hit serious roadblocks and has been pushed back – again!

All of the above was predicted on this blog, and means the Club’s situation is just about the opposite of what Tony Guilfoyle and Patrick Campion have been promising members for the last two years.

The current item on the agenda is to get the property media to spruik the “new” plan. Already we can see that they are sceptical of anything coming from City Tatts.

And remember, there is no need for any property development. The Club simply needs new management.

City Tatts Information Desk


City Tattersalls Club marks ANZAC Day

City Tatts marked ANZAC Day 2015 in their own special way.

Everything about City Tatts today resembles The Twilight Zone, so you will not be surprised to hear that their ANZAC Day contribution was a little different.

They set a new benchmark for honouring veterans by keeping Johny Bineham out of the Club so long that he couldn’t nominate for the committee elections, before the closing date of April 24th.

Johny Bineham is a club member who served in Korea, Malaya and Vietnam.

He was suspended, without a hearing, last July for expressing his views on the management of the club.

Apparently he feels the Club is badly run.

What would he think that, you say?

  • Could it be the continually falling membership?
  • Or, the staggering losses on restaurants, now running into millions?
  • Maybe he just misses the International Buffet and doesn’t feel that Zest, at $75 a head for lunch, is what members want?

Anyway, the committee dragged out his case long enough to prevent him running for election this year.

Any chance he will have a hearing before ANZAC Day 2016?

City Tatts Information Desk