V'landys backs Tabcorp's Gil McLachlan in pub wagering standoff
Powerful NSW thoroughbred administrator Peter V'landys has thrown his support behind Tabcorp's proposal to change what it pays hotels for hosting wagering terminals even as smaller venues threaten to pull out and leave their towns without limited access to races.
Peter V'landys is the chief executive of Racing NSW and the chairman of the Australian Rugby League Commission. While he supports Tabcorp's plans, the Australian Hotels Association, which represents thousands of pubs, is against the move.
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City of Newcastle spends $12m on Wollongong property
CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future. CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future. CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future. CITY of Newcastle has entered the Wollongong property market, snapping up a $12 million property in the Illawarra. The council fought off interest from more than 140 registered parties to buy the Sonic HealthPlus site at 21-23 Denison Street, Wollongong. The property is fully leased to subsidiaries of Sonic Healthcare, Illawarra Radiology Group and Sonic HealthPlus. It's City of Newcastle's second unusual property purchase in recent weeks - in late April, it bought a Bunnings site at Taree. So why is Newcastle council buying a hardware store and a Wollongong health facility? It's about investing in the future - quite literally, the council says. The purchases are part of what the council calls its Future Fund strategy, where surplus funds are used to buy the properties and benefit from the financial returns via rents and leases. A City of Newcastle spokesperson said the money raised for the Future Fund is to be used to maintain council infrastructure. "The Future Fund is acquiring appropriate commercial properties as an additional investment opportunity because they offer inflation protection and stable returns, allowing City of Newcastle to diversify its revenue base to cater for both the growing population and ageing assets," the spokesperson said. "The Future Fund allows us to increase investment of our cash reserves into a diverse portfolio of land, buildings and City of Newcastle's commercial operations. "The Wollongong purchase was vetted by City of Newcastle's Future Fund Governance Committee in line with its adopted investment strategy and follows the review of more than 20 properties during the past 12 months." The SonicHealth facility is the only Wollongong property owned by the City of Newcastle. It's a different approach compared to Wollongong City Council, which doesn't seem to be looking into the Newcastle property market. According to the most recent investment report released by Wollongong council, it prefers to invest its surplus money with banks and managed funds. The report shows it has $176 million invested in various funds and trusts with maturity dates years in the future.
