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The Police Citizens Youth Club will sell two of its prime location Sydney clubs, worth more than $40 million, as part of the ongoing rejuvenation of the not-for-profit organisation's NSW property portfolio.

Macquarie Group Chief Executive, Nicholas Moore, as the former Chairman, along with the previous PCYC NSW Chief Executive Chris Gardiner, turned the PCYC around from near collapse a decade ago to the point where revenues now top $35 million and it can take advantage of the demand for key sites.

Current PCYC Chief Executive Darren Black said the sale of PCYC's Parramatta and Burwood clubs, both more than 50 years old, was about empowering the organisation and reinvesting back into communities.

Black told the Australian Financial Review "if you go back 10 years ago, we were selling out of financial need, but now we are selling because we have old assets and we want new facilities.

"We have an ageing asset portfolio across the state and have looked at a few strategic high-value locations for sale in the past."

Last year the old PCYC Hornsby was sold off to a Chinese developer for $12.5 million, well above expectation, and a $13 million development application has just been lodged for a new club at nearby Waitara Oval.

Black added "the new club will be a state-of-the-art sports and recreation facility, with indoor courts, spaces for dances, performances, martial arts and more contemporary offerings, such as hip hop classes and parkour gymnastics.”

PCYC Burwood will hit the market this week through CBRE, and Parramatta, which was rezoned several years ago, will be offered before the end of the year. The organisation is currently working with Government and local stakeholders to determine the sites to replace the old Parramatta and Burwood Clubs.

Macquarie Asia Chief Executive Alex Harvey took over the Chairmanship from Moore in August.

Source: Australian Financial Review. Click here to read the original article.

Image: PCYC Parramatta

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