Local rugby union’s main governing body is seeking a commercial joint venture (JV) partnership for its Freehold property at Gordon St in Suva.
“FRU is in the process of reviewing the suitability of its office facilities for the current and future needs of the sport, as well as investigating the possibility of generating additional revenue from existing assets to further fund the growth and development of rugby domestically,” noted Fiji Rugby Union CEO, John O’Connor.
He noted that the CBD-located property covered an area of 933.30 sqm, with a JV and financial investor being sought to jointly develop the site and maximize returns.
“As such, Fiji Rugby invites written Expressions of Interest and proposals from property investment firms and developers, institutional investors, private businesses and entrepreneurs.
“The FRU is looking for partners willing to enter into a profit sharing joint venture scheme over a minimum of 20-30-year term.”
Partnership arrangement that could considered by the FRU include build-operate-transfer (BOT), build, operate and own (BOO), build, operate, own and transport (BOOT), build, transfer and operate (BTO), build and transfer (BT), reconstruction, operate and transfer (ROT), and operate and transfer (OT) and any other successful partnership models.
Closing on December 30, submission requirements include a proven track record of participation in similar partnership arrangements, an outline of the proposal including designs and concept plans for the commercial partnership venture and funding arrangement.
Additionally, applicants need to submit a detailed project plan on the relocation of the current wooden building located at the premises (35 Gordon St), which has been declared a heritage protected building.
The FRU previously had plans to demolish Rugby House and construct a multi-storey building but had to withdraw these aspirations due to the property’s heritage listing, which requires any construction to preserve its architecture.
O’Connor said the FRU’s contribution to the commercial JV would be the prime Freehold land and that the selection of shortlisted proponents would be based on financial capacity, experience and the proposed outline for the partnership.
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