22 March 2024
By Hannah Wilcox
Members of the longstanding Kirribilli Club have been asked to chip in to save the club following an increase in the building’s rent.
Members have been emailed regarding the board’s intentions to buy the property, located at 11 Harbourview Crescent in Lavender Bay, back from the new owners. Another option is relocation.
Stadia Capital bought the property in August last year and has reportedly since raised the rent to a $2 million per annum rental arrangement on top of a $1 million in miscellaneous building expenses.
The Club has requested members to purchase a Debenture Certificate for $2000 to assist in purchasing the building or to “relocate to an affordable location within the area”.
“[The increase] has forced the Kirribilli Club Board not to exercise our rental renewal option commencing November 2024,” the email read.
“Based on the success and response from our membership pledge, we will be issuing Debenture Certificates in favour of your financial investment.”
Those who decide to pitch in will only receive the full terms and conditions of the Debenture Certificates once they have registered an Expression of Interest.
The property has been home to the Kirribilli Club since 1943, with current recorded membership numbers of 20,000.