In 2010, Council commissioned Waypoint to identify the expected maintenance and renewal costs for the next ten years to keep the Oval’s facilities at their current standard.
Waypoint is a specialist consultancy that has extensive experience in valuing sports stadiums and facilities. Waypoint identified that the buildings in the Oval have a replacement value of $26 million. Waypoint identified that to maintain the built assets to their current standard (which do not fully comply with legislative requirements for accessibility and building standards) it would cost:
Maintenance works = $185,000/year for building maintenance over 10 years. This excludes costs for maintaining the parkland, sports field and path ways etc - the costs of maintaining these is approximately $165,000 a year.
Renewal works = approximately $255,000/year over 10 years.
However, Waypoint identified that renewal costs will increase as the facilities age up to $550,000/year over the remaining useful life of the asset.
The licence fees paid by the Sea Eagles roughly align to the maintenance works. Minor renewal works can be delivered with the remaining grant funding to secure the short to medium future of the Oval. However, funding sources for ongoing renewal works need to be identified to secure the long term future of the Oval.
Furthermore, Waypoint confirmed that additional funds would be needed if the facilities were upgraded to a better standard. This means that if the Oval was upgraded, additional capital would be required for initial construction costs and for ongoing maintenance and renewal works. If the Oval was upgraded maintenance and renewal liabilities would increase substantially above the level needed to upkeep the asset to its current standard (for example condition, size, function and level of legislative compliance).