$10bn bonanza: Rosehill sale on track as ATC lodges its plans

The Australian Turf Club has lodged its plans to sell Rosehill racecourse with the Minns government — and real estate experts are predicting the site could fetch up to $10bn.

A bold bid by the Australian Turf Club to sell the historic Rosehill racecourse and build a new “premium” track in Western Sydney is a step closer to reality with the horse racing body lodging its plans with Minns government.

The Minns government last week received the first part of the ATC’s confidential unsolicited proposal, as new estimates of how much the sale could generate have been revised up to as high as $10bn.

The lodgement of the first preliminary plan — which triggers the start of a formal process — followed the expiration last month of a memorandum of understanding between the government and the horseracing body, with a vote of ATC members to occur later this year.

It is not clear if the lodged “initial submission and preliminary assessment” explicitly states Homebush as the site of the new track, but the area around the “old brick pit” remains the ATC’s preferred option.

Other sites at locations such as Penrith and Wollondilly have been floated by local mayors and racing enthusiasts but are unlikely.

The first step has been taken towards selling and redeveloping Rosehill Gardens Racecourse. Picture: Monique Harmer

It can also be revealed the amount of revenue the ATC believes it might make from the Rosehill sale is vastly higher than the $5bn originally mooted, with estimates now as high as $10bn.

It is understood real estate agents have indicated to the ATC that the value of the course is dependent on the timing of the sale and whether the site is subject to a staggered sale, the latter understood to be more likely to generate greater revenue.

Premier Chris Minns at the announcement of the redevelopment plan. Picture: Monique Harmer

Should Cabinet approve the preliminary proposal, the ATC will engage environmental consultants and engineers as part of the next stage of the process to demonstrate how the endangered green and golden bell frog colony at the Homebush site might be accommodated alongside a racecourse.

It is understood the concept includes building a track around the frog colony — discovered in the early 1990s during the development of the area for the 2000 Olympic Games — with the course used only for race days and not training.

The proposal also details plans for an “Australia’s version of Newmarket” centre of excellence horse-training facility at Horsley Park in Western Sydney, with some of the proceeds of the Rosehill sale to pay for new training and racing infrastructure and spectator facilities at Warwick Farm, Canterbury and Randwick racecourses.

The proposal lodged with the government marks the first step of the formal process, although is not binding and does not prejudice any future decision by members when they vote on the matter later this year.

While trainers have mixed views on the sale of Rosehill, those based at Warwick Farm are desperate for the “forgotten track” to have a makeover with a return to Saturday racing.

William Inglis and Son Ltd chief executive director Mark Webster said there was an opportunity to create “something world class” at Warwick Farm.

Premier Chris Minns has been positive about the proposal — which could see up to 25,000 homes created — since it was announced in December.

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