Hakoah heads back to the drawing board
THE Hakoah Club’s future is in limbo after Double Bay Bowling Club (DBBC) withdrew from amalgamation talks, following chairman John Rosen expressing concerns that Hakoah’s plans for its White City development were not viable.
THE Hakoah Club’s future is in limbo after Double Bay Bowling Club (DBBC) withdrew from amalgamation talks, following chairman John Rosen expressing concerns that Hakoah’s plans for its White City development were not viable.
The decision by DBBC, which owns a property in Double Bay worth more than $20 million and which would have been put on the market in the event of an amalgamation, leaves a huge hole in Hakoah’s plans for White City, which it bought for $13.5 million in June last year.
Plans were due to be released for the site last month, however, they were delayed after DBBC changed its wish list to include an indoor bowling green.
Hakoah now has a 22,000 square-metre property with plans, which include space for DBBC, but less than $2 million in the bank to build, according to documents from Hakoah’s recent annual general meeting.
Former tennis great John Alexander, who owned White City and was looking to develop the site before Hakoah took ownership, said $2 million would not get the club very far.
“With what they are talking about building you would start at around $20 million, but it would probably cost more like $25 million, at least,” Alexander, the Member for Bennelong, said.
Rosen said his board unanimously agreed to end negotiations because his members would not have voted for the amalgamation.
He listed a number of problems that led to the club withdrawing from amalgamation talks, which include the inability for Hakoah to keep aside DBBC’s money, architectural problems and, most concerning to Hakoah members, “confidence that the venture would be financially viable”.
Talks between DBBC and Hakoah were announced a year ago and board members have been meeting regularly since then to try and negotiate a deal.
“There have been many, many meetings. It was the opinion of the board that there were too many issues that were unresolvable,” Rosen told his members.
The members quoted in DBBC’s newsletter said the board made the right decision to withdraw from talks.
“It was a gigantic project and had many pitfalls,” one member said.
Hakoah’s board of management have stated their wish list for the Rushcutter’s Bay property includes a state-of-the-art sporting and social complex with swimming pool, gymnasium, function rooms, restaurants, bars and bowling greens.
Hakoah president Phil Filler sent an email to club members last Wednesday informing them of DBBC’s decision, but he did not want to comment on when the plans would be released or the financial future of Hakoah.
“The board will be reviewing both the timing and any necessary changes to the plans,” a spokeswoman on behalf of Hakoah said.
She said the board would meet to discuss specific details, but until the members were formally told of plans it would be premature for Filler to speak to the media.
JOSHUA LEVI
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