Cash-strapped Tarragindi Bowls Club bowled over by retirement lifeline
LAND rich but financially strapped sporting clubs could be thrown a lifeline as a new retirement living alternative.
QLD Business
Don't miss out on the headlines from QLD Business. Followed categories will be added to My News.
LAND rich but financially strapped sporting clubs could be thrown a lifeline as a new retirement living alternative.
In its first project of this kind, retirement village operator RetireAustralia has formed a partnership with Tarragindi Bowls Club, and its owner Yeronga Services and Community Club, to redevelop its property at 30 Andrew Ave, in Brisbane’s southside.
RetireAustralia has a 99-year lease on the site and lodged a development application with Brisbane City Council to deliver 95 retirement living apartments, a new clubhouse, a community park and a refurbished bowls green.
More than 80 per cent of the site will be retained for sport and recreation.
RetireAustralia chief executive Alison Quinn said there was a clear demand for retirement living in many inner and middle-ring Brisbane suburbs.
“The biggest problem is that we can’t secure the land,” she said. “So we are now exploring partnerships with sporting clubs that have under-utilised land that is suitable for retirement living.”
Ms Quinn said over the last few years the land assets of several financially strapped sporting clubs in Brisbane had been sold and there were more on the line. “The reality is that, if some sustainable outcome is not negotiated for them ..., these clubs will find it hard to survive,” she said.
“For our partners in the project, the Tarragindi Bowls Club and the Yeronga Service and Community Club who own the site, the project will deliver a financial lifeline.
“Put simply, without this project, the future of the Tarragindi Bowls Club would be in serious jeopardy.”
Ms Quinn said there were 3200 people aged over 70 living within 2.5km of the Tarragindi Bowls Club, but there were no retirement villages in that same area.
Creditors face $3m hit in medicinal cannabis company closure
Dozens of unsecured creditors have been left $3m out of pocket after a Melbourne-based medicinal cannabis company entered administration following the sale of key assets to a rival producer.
Aussie fashion house’s $10m meltdown as just $478 left in bank
The fashion house behind brands including Keepsake and Finders Keepers racked up nearly $10m in debts before its collapse, while its bank balance was whittled down to less than $500.