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A new long term lease has been signed between Melbourne Racing Club and the Caulfield Racecourse Reserve Trust securing racing at the historic Caulfield racecourse for the next 65 years.

The racecourse, part of which sits on crown land, has been the home of the Melbourne Racing Club, previously the Victorian Amateur Turf Club, for 140 years.

There will be significant development under the new lease, with plans for a second racetrack and lights for night racing, which would increase the amount of racing that occurs at Caulfield.

An essential requirement of the lease, as directed by the Caulfield Racecourse Reserve Trust and the State Government, was that the community be provided with greater use and access to the Racecourse Reserve.

This means that racehorse training at Caulfield will not continue, resulting in relocation for the 22 trainers who currently operate facilities at Caulfield within a period of five years.

A $40m funding package, co-funded by the State Government and Victorian thoroughbred racing industry, has been confirmed that will support the development of state-of-the-art training facilities at Pakenham and Cranbourne.

Peter Le Grand, chairman of Melbourne Racing Club, says that the signing of the lease heralds a new era for Caulfield.

“We are happy to have secured the future of racing at the historic site at Caulfield and look forward to facilitating a greater volume of racing through a second track, and the potential of night racing, for our members, industry participants and the racing public,” Mr Le Grand said.

“We welcome the opportunity to share the space with the community to a greater degree, and acknowledge the work of the Caulfield Racecourse Reserve Trust and State Government in making this a reality.

“At the same time we are conscious of the great impact the relocation will have on our trainers, some of whom have resided at Caulfield for generations.

“Training has been an integral part of the Racecourse and Club for many years and the Club is committed to ensuring that the transition for the trainers over the next five years is as smooth as possible, and that the training facilities here at Caulfield will be maintained to their best standard until the final relocation is complete.

“It is our upmost priority to ensure that our trainers are supported during this transition and we will be working with them in every way we can.”