BATHURST RSL Club has expanded its asset portfolio, acquiring the Cityfit building next to the RSL Club.
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The RSL built the Cityfit building, then known as the “sports complex”, back in December 1973 but was forced to divest it to Bathurst Regional Council back in the 1980s due to financial difficulties.
But this week the RSL reacquired the building as part of its strategic development plan.
RSL club president Ian Miller said it was a huge achievement to bring the facility back into the asset portfolio of the Bathurst RSL.
Mr Miller said the reacquisition was part of the club’s strategic planning and was seen as integral to the future success of the RSL.
“We’ve known for a long time that as Bathurst grows we need to be able to grow with it,” he said.
“We have also been consistently focused on diversifying club revenues to reduce our reliance on liquor and gaming.”
Bathurst RSL general manager Peter Sargent said the acquisition served as a pivotal moment in the club’s history.
“It’s just so rewarding to now be in a position to re-acquire a facility that was lost so many years ago,” he said.
“In just over six years the club has purchased the clubhouse building from the RSL sub-branch and completely paid down that debt.
“We have also completely renovated the club, re-engaged with the Bathurst community, achieved record membership and improved and grown our service and facilities.”
Mr Sargent said the reacquisition of the building provided a strategic and secure investment opportunity for the RSL, effectively positioning the club for continued growth and relevance.
“I”m pretty excited, this is going to help the club grow in the future,” he said.
However, he stressed that it would be business as usual for both Cityfit and the RSL.
“There will be absolutely no change to the management of Cityfit as Gary and Margot Webster will still own and operate the Cityfit business, leasing the premises from the Bathurst RSL Club,” he said.
“Gary and Margot have built an amazingly successful business over more than 30 years and have a proven track record of success. We feel sure this will continue in the future.”
Margot Webster congratulated the RSL on their acquisition.
“We’re really happy to see it come full circle,” she said.