Brothers Sports Club buys back land for $19.2 million

The future of a 76-year-old Bundaberg club and its affiliated sporting groups is looking brighter after locking in a $19.2m deal.

From fancy formals to footy games, the Brothers Sports Club has been a staple of the Bundaberg community for more than 75 years.

The future of an iconic Bundaberg sports club is looking bright with the club officially regaining ownership of its land in a $19.2m deal.

The Brothers Sports Club, with 25,000 members, this month purchased the 8.1 hectare Takalvan St property which included the licensed club, sporting facilities, and a 75-room hotel development application.

President Steven Straub said it was an”extremely positive achievement” for the club’s stakeholders as well as the Bundaberg community.

The sale was first envisioned in 2020, triggered by Covid-19 closures and the 76-year-old club’s unclear future.

Brothers Sports Club, Bundaberg.

The club sold off the land in May, 2003 for $2.15m due to financial difficulties and since then had rented the facilities.

Mr Straub said the major purchase secured the future of the 11 affiliated sporting clubs and 75 club employees.

It is reported the deal took 18 months to reach its conclusion, and general manager Ross Dowd said loan repayments would be on par with previous rental payments which made the purchase a no-brainer.

The Brothers Sports Club has officially repurchased its Takalvan St land in a $19.2m deal.

Mr Dowd said the remaining 10 years on the lease was projected to cost a minimum of $16m, and the return of the asset to the club and the region further justified the purchase.

“From purely a financial perspective, it was obvious to prioritise and action the land purchase once negotiation was permitted within our lease,” he said.

The club has been home to formals, sporting games, finals and countless community events for decades.

Mr Dowd said the club’s management team had already started to look at modernising the licensed venue and sporting facilities.

The 75 room hotel development application is still being considered as part of the five-year process.