Trend to convert racecourses into regen multigenerational communities hits road block
LONDON: The trend to convert old racecourses into regen multigenerational communities has hit a road block.
The future of a $5bn plan to turn Sydney’s Rosehill Racecourse into a major housing, metro and entertainment precinct has been thrown into question, after NSW Premier Chris Minns admitted approval would be dependent on a vote by members of the Australian Turf Club (ATC).
The plan, which was pitched to the state government by the ATC through an unsolicited proposal, was announced in December and could result in the creation of up to 25,000 homes.
As it stands, the government has entered into a memorandum of understanding (MOU) with the ATC, who will retain the site.
However, during budget estimates on Wednesday, the Premier reiterated concerns that the plans could be overturned by members if they choose to vote down the proposal.
“We see it as a real opportunity for Rosehill racecourse, for the ATC, for racing in the state, as well as housing, but that decision will have to be decided by members of the ATC, not the NSW government,” he said.
Even if members approve the plan, the final proposal would be dependent on further negotiations between the club and the government.
“There may well be, as part of the negotiations between the ATC and the government, irreconcilable differences particularly in relation to the disposal of property, the size of the rezoning, the density of housing, how much space is available …” he said, listing off several potential hurdles.
“That may be a deal breaker for one or both of those sides but in fairness to the government, we made that clear when the announcement was made.”
This signals a change in tone from the announcement of the plan, in which the Premier dubbed the proposal as a “once in a generation opportunity”.
“The government sees this as an opportunity to put its money where its mouth is and build more housing, close to transport links, with plenty of green space for new families,” he said at the time.
“This is exactly the type of proposal my government has been talking about over the last six months.”
ATC Chairman Peter McGauran also said the plans would “future proof” Sydney’s racing industry.
At the time of the announcement, it was posited that funds from the development would be invested into a new training Centre of Excellence at Horsley Park, while a site at Warwick Farm will also be developed into a new track, including a full rebuild of training, stabling and spectator facilities.
Potential revenue could also allow for a redevelopment of the Canterbury Park Racecourse, and an expansion of the stables and training facilities at the Royal Randwick Racecourse.
“It will cement Sydney racing as the best, most modern and financially secure jurisdiction anywhere in the world,” said Mr McGauran.
An ATC spokesperson confirmed the club remained “committed to working closely with the NSW government, our club’s members, horse trainers and stake holders on this proposal”.
