$140 million !!!

Believe it or not, the City Tattersalls Club building is now worth $140 million.

At least that is the opinion of Preston Rowe Paterson according to the latest accounts.

This means that the value of the club’s building has gone from:

  • $62 million at December 2014, to
  • $82 million at December 2015, to
  • $140 million at December 2017

Could this be right?

During that time Patrick Campion, Tony Guilfoyle and Marcelo Veloz tried repeatedly, and failed repeatedly, to obtain even a Stage 1 DA. So we can be certain their efforts could not have produced any increase in value.

And there has been no general increase of that magnitude in Sydney CBD values that could explain it.

So what could have caused the dramatic increase?

Then consider the various deals Patrick Campion agreed to for the club’s site.

In December 2013, when the value was $62 million, Campion agreed to let Mirvac build 250 apartments on the site and keep all the profits, for $25 million.

In April 2015, when the value was heading to $82 million, Campion agreed to let a Chinese developer build 250 apartments on the site and keep all the profits, for $25 million.

In February 2018, when the value was $140 million, Campion agreed a “new” deal whereby the Chinese developer could build 250 apartments and keep all the profits, for ….. $25 million.

Does this make sense?

Or, to put it another way, is Campion a complete fool or is he working for the developer?

City Tatts Information Desk

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