Pakenham Racecourse sells for $38m / Victoria / 30 Mar, 2011

The Pakenham Racecourse has sold for $38 million giving the Pakenham Racing Club (PRC) its final green light to move to its 608 acre site at Tynong, where it will build a world class racing and training facility.

Established Victorian developers The Corcoris Group (TCG), headed by Nicholas Corcoris, has purchased the 60-acre property.

The racecourse was rezoned to a Comprehensive Development Zone by the State Government last year comprising of medium-high density residential, as well as a parcel of retail and commercial space.

The Club will now be looking to sell its remaining 3000sqm residential land holding adjoining the racecourse site, which is expected to fetch an additional $1 million.

PRC Chief Executive, Michael Hodge, said the Club is pleased with the result that will enable it to fund the $44 million first stage of the new Tynong racing centre.

“We are very happy with the sale, as it means we can fund the entire Stage 1 without compromise. This includes a 2400 metre grass track, $8 million event centre, horse tunnel, two sand tracks, fully roofed raceday and training stalls and Stage 1 Trainer Allotments,” Mr Hodge said.

“Whilst racing begins at the new course in August 2013, we now expect to vacate the current 60 acre site in March 2013, at which time, all horse training operations will commence at the new course.”

The Minister for Racing Denis Napthine congratulated the PRC on taking the next step to building the new racecourse.

“The new racecourse to be built by the Pakenham Racing Club is a massive boon for Victoria’s racing industry,” Dr Napthine said. “The new facility will be world class, providing unbridled opportunities for trainers, jockeys, owners and racegoers alike.”

Racing Victoria Chief Executive, Rob Hines, welcomed the news for the booming horse population in South East Victoria.

“Racing Victoria welcomes news of the sale of the Pakenham Racecourse and looks forward to working with the Pakenham Racing Club as it embarks on the construction of its new racing and training facility at Tynong,” he said.

“This represents a unique opportunity for the Pakenham Racing Club to build a state-of-the-art facility that will service a large horse population in Victoria’s south east and showcase the racing industry to the vibrant and growing communities in the region.”

The Australian Trainers Association (ATA) welcomed news of the Sale and the planned development of the new racecourse and equine precinct at Tynong.

ATA President, Colin Alderson, commended the ground breaking initiative for the Victorian and Australian racing industries, which will provide trainers with an option to purchase their own separate Trainer Allotments in a 150 acre Trainer Allotment Precinct, that has been specially zoned and developed for this purpose. It is proposed that up to 80 Trainer allotments will be gradually developed over the next decade.

“Trainers and their families will be able to live on site and manage and operate their own training businesses from the same property right next door to a potentially world class training facility in a fast growing outer metropolitan area,” he said.

The 608 acre Tynong site is located on Nar Nar Goon - Longwarry Road. It is 10 times the size of the current Pakenham Racecourse site and is purpose-designed to grow and expand to meet the various needs of the industry for decades to come. Work commences at the new site in May.

The current 60 acre racecourse site in the heart of Pakenham is located directly opposite the train station and on the edge of the CBD where retail giants Woolworths are building an $80 million retail precinct.

The Corcoris Group has a long history in property development establishing in 1973, and is no stranger to the booming South East growth corridor which includes Pakenham.