Queensland developer Kevin Seymour is determined to save South Australia Harness Racing Club
South Australia’s premier trots club is “done for” if it does not sell land to pay its $3.5m debt, says the Queensland developer who wants to save it.
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One of Queensland’s wealthiest developers is determined to save South Australia’s cash-strapped trots club as a “love project”, says his grandson.
Seymour Group director Daniel Farquhar said his grandfather, Kevin Seymour, was a harness racing enthusiast committed to rescuing the SA Harness Racing Club.
Mr Seymour, 82, is widely credited with transforming the Brisbane CBD and rejuvenating the Albion Park Harness Racing Club as its chairman.
His company has agreed to manage the subdivision of 12.5ha of land owned by the SAHRC alongside Port Wakefield Rd at Globe Derby Park.
Mr Farquhar said the sale of 18 sites for commercial and light industrial use would clear an existing loan of $3.5m from Mr Seymour while the club would lease another four sites to provide an income stream.
“We don’t normally manage projects like this or do joint ventures with anyone,” he said. “We wouldn’t do it for anybody else but this is a love project for him (Mr Seymour).
“He loves harness racing and is very passionate about the saving the club. The reality is that without them selling some land and securing an income stream, they’re done for.”
Mr Farquhar said the Seymour Group would work with Adelaide companies to install a new access road and subterranean infrastructure for the subdivision, which would need planning approval.
“We will project manage and lend the club the finance to do what needs to be done so the land can be sold,” he said. “Then they will be able to clear their existing debts and pay for the costs of the subdivision.
“By holding on to some of the blocks they will be able to lease them for something like showrooms or a KFC and have an income stream, which will make sure they have a future.”
Mr Farquhar said the estimated cost of the subdivision was $20m, with total land sales of at least $45m expected.
“We obviously are not doing it for free, we will still be getting a commercial return but it is below what is available on the market,” he said.
“If a bank wanted to lend the money they would get it at a cheaper rate but conversations I’ve had have shown nobody wants to touch it.”
Mr Farquhar said the SAHRC could raise money by just selling land without subdividing it but this was a short-term solution which would not provide future income.
He confirmed the club’s training track would be built over as part of the subdivision.
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Originally published as Queensland developer Kevin Seymour is determined to save South Australia Harness Racing Club
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