Club Bondi Junction opens its doors after teaming up with Capital Corporation after years of financial strife

With a “dwindling membership base” and years of financial stress, an eastern suburbs club has been totally revamped. Here’s what happened.

The ribbon cutting ceremony at Club Bondi Junction. Picture: Supplied

With a “dwindling membership base” and stuck in financial strife, an eastern suburbs club was left in a make or break situation.

Fast forward almost a decade, the newly revamped Club Bondi Junction, which opened its doors earlier this month, has fast become a thriving venue.

But it wasn’t all sunshine and rainbows.

When Bondi Junction RSL was in deep financial stress it reached out to Capital Corporation, which has a track record of working with non-profit businesses to assist with redeveloping their assets and “ultimately bringing a new cashflow-positive asset”.

Capital Corporation managing director Jim Hunter told the Wentworth Courier that the RSL was facing a difficult “business problem”.

“They had a dwindling membership base, they had a club that needed to have capital reinvested into it and unfortunately the club wasn’t in a position to have the capital reinvest,” he said.

Club Bondi Junction entrance. Picture: Supplied

“What we effectively did was come across and provided a property solution through the form of a luxury residential development.”

It saw Capital Corporation and the club partner build a $150m development, including 80 apartments split between eight storeys.

As a result, Mr Hunter said Capital Corporation set aside three apartments for the club to hold onto with the rest sold out in 12 months from October 2021.

He said a significant part of the club’s future was “diversifying their income” through leased assets, including commercial space for a salon and cafe, the apartments and club operations.

“The club has ended up in a much stronger financial position … it has been a great success, but it’s certainly been challenging,” Mr Hunter said.

Easts Leagues CEO Paul Kelly, Waverley mayor Paula Masselos and sub branch board member John Metzi at the opening night for Club Bondi Junction. Picture: Supplied

Club president Bill Harrigan, the father of former lead NRL referee William (Bill) Harrigan, echoed the sentiment after delivering a speech on opening night.

He said Capital Corporation was “vital” in getting the club “back on its feet”.

Mr Harrigan was pleased to see the club fill up on opening night with new and returning members, most of whom found a temporary home at Easts Leagues Club during construction.

He said it was important for the club to keep in contact with its members throughout the process, through newsletters and continuing its general meetings.

It saw the club retain about 1400 members, who registered out of a possible 4000, with Mr Harrigan now hopeful the club can grow its already strong membership base.