Thursday, 17 May 2012
: Victoria is poised to open a new track in 2014 following the sale of Pakenham racecourse to developers.
The sale givies the Pakenham Racing Club the green light to start construction of its new racetrack and training facilities at nearby Tynong.
One of Australia's largest property fund management companies, Industry Superannuation Property Trust, was one of three final bidders, securing the prized property for an undisclosed multi-million dollar sum.
The racecourse was rezoned to a Comprehensive Development Zone by the State Government in 2010, paving the way for the 27 hectare site to be transformed into substantial mixed use development including retail, commercial, retirement and residential uses.
PRC chairman Don Duffy said the sale will fund the first stage of the new Tynong racetrack which will open in 2014.
“We are very happy about the sale. The sale contract is now “unconditional” and this provides certainty for the club, given ISPT's ability to deliver a sale transaction of this size.
"More importantly it means we can fund Stage 1 as planned and without compromise,” Duffy said.
“The contract provides for us to vacate the current racecourse by February 12 2014 at which point our local trainers and training operations will be relocated to the new racecourse.
“Racing begins at the new racecourse in late 2014 with Racing Victoria having allocated 24 race meetings at the new venue for its first season of operation.”
Construction at Tynong will commence in July.
Stage 1 will include all training facilities necessary to relocate the existing Pakenham trainers together with a 2400m grass racetrack, an event centre, jockey and administration facilities, horse tunnels, wetlands dams and drought proofing infrastructure.
ISPT is co-owned by 24 of the nation's most prominent industry super funds and invests the superannuation savings of over 40 percent of the Australian workforce and their families in property.
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