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Jack Toft

Years ago

Seamus to buy the dome?

OK
Seems low to me, but $3M is probably what it is worth given the economic climate

Reply #228983 Report this topic

Jack Toft

Years ago

Isaac, Didn't it cost around $18M in the first place?

Let's do the sums.
Land in Beverley:
20,000 @ $200/m2 = $4,000,000
Commercial Bldg (use warehouse rate):
6,700 m2 @ $500/m2 = $3,362,000
Offices
585 m2 @ $1,900/m2 = $1,111,500

($8,473,600)

+ Carpark improvements - Asphalt @ $30/m2
+ Plumbing and toilets

I reckon if you had the place valued by someone, or had a copy like Rawlinsons cost it up, $10M

Reply #228970 Report this topic

Anonymous

Years ago

There's been several press statements that Mal ( On behalf of Groves) was in the final stages of a sale to Venuetix, but that may be dependant on the make up of the new Mens elite competition.

Reply #228955 Report this topic

Jack Toft

Years ago

I understood the deal with Venutix to be basically done, albiet subject to a couple of conditions.
Now, with ABC down the gurgler the liquidators would be looking for the highest sale price, but the Dome being a "private" asset of one Eddie Groves, the Dome could be transferred without the same scrutiny.
So, the big question is how the ownership of the Dome is currently setup. If Eddie Groves was a clever chap, the Dome would not be owned by Edward John Groves Esq, rather the Dome would be owned by a holding company (eg The Dome Pty Ltd) of some description with Edward John Groves Esq owning 100 units in the company.
The units can therefore be sold therefore eliminating the nasty stamp duty that Kevin Foley seems to enjoy collecting.
The Dome would fetch $5-10M and so the Stamp Duty would be $269 to 543K. Quite a nasty little suprise for players who don't know how to exploit the loopholes in our tax laws!

Reply #228931 Report this topic