Greens’ plan for Eagle Farm housing shot down by Grace Grace

The state Labor government has told the Greens “they’re dreaming” over a controversial plan to convert a heritage-listed site into affordable housing and green space.

Racing Minister Grace Grace in Question Time on Thursday. Picture: Dan Peled/NCA NewsWire

The state Labor government has told the Greens “they’re dreaming” over a controversial plan to convert a heritage-listed Brisbane Racing Club into affordable housing and green space.

Lord mayoral candidate Jonathan Sriranganathan this week released a bold plan to compulsorily acquire the Eagle Farm Racecourse in Ascot if he won the March 16 Brisbane council election.

The proposal sets aside $40 million for the council to acquire the sprawling site, while a Greens-led council would share construction costs with the state government.

Mr Sriranganathan wants 4000 medium-density dwellings placed on the 49ha site with a five-storey limit and a significant portion of green space.

But the pledge was rubbished by Racing Minister Grace Grace, who insisted the inner northern club would not be shuttered.

“Let me confirm that the excellent Eagle Farm Racecourse is going nowhere,” she told Parliament on Thursday.

“Especially not for the ridiculous fire sale price of $40 million.

“What I say is: Tell them they’re dreaming.”

Lord Mayor Adrian Schrinner said he had spoken to people in the industry about the proposal and obtained rough costings.

“The market value of that site just to buy it will be closer to $400 million,” he said.

“Then to build 4000 units would take the total price of that commitment up to $2.2 billion.

The Greens’ plan for Brisbane’s Eagle Farm Racecourse

“We’ve had these figures verified by people in the industry who know what it costs to build at the moment.”

But Mr Sriranganathan rubbished the estimation, saying: “We are not proposing to spend billions of dollars acquiring Eagle Farm.”

The Greens candidate has pitched the plan as a solution to ease the severe housing shortage across Brisbane, but has faced widespread backlash.

Brisbane Racing Club chief executive Tony Partridge said the proposal faced basic logistic challenges.

“For starters, the BRC understands that Brisbane City Council does not have the power to resume land for housing in the way that the Greens propose,” he said earlier this week.

Mr Sriranganathan stands by the overall proposal, particularly his $35m-$40m valuation, insisting it was based on the site’s current zoning through the council and state government.

“The site is zoned sport and recreation, so it’s inaccurate to value it based on private sector development potential,” he said.

“Brisbane City Council and the state government’s valuer-general value it at $35m.”

Under the Greens proposal, half of the 4000 affordable homes would be available to those on the state’s social housing waiting list and rented for 25 per cent of regular household income.

The other half would be affordable housing available to any Brisbane resident, but rented out at 30 per cent below-market rent.

The rest of the site will be allocated to existing heritage-listed buildings, and under-construction Charlton House apartments, which are part of Mirvac’s Ascot Green development.