Australian Turf Club confirms plans to redevelop parcel of land at Canterbury Park Racecourse but racing to continue
THE Australian Turf Club is considering selling a parcel of land near Canterbury Park Racecourse amid the State Government flagging it as a “significant opportunity” for redevelopment.
THE Australian Turf Club is considering selling a large parcel of land across the road from Canterbury Park Racecourse.
The racetrack has been flagged as a “significant opportunity” for redevelopment by the State Government in its new vision for revitalising southwest Sydney.
Plans to sell some of the prized land puts a question mark over the whole track, which could be sold for up to $500 million.
The ATC will be free to sell the site after 2021 when a 10-year moratorium on its sale is up.
Asked about the government’s plans, ATC spokesman Brett de Vine confirmed the club is considering selling a large parcel of land across the road from the racetrack. The grassed block of land bordered by Princess, King and James streets is 1.3ha and is used as a carpark on race days.
Mr de Vine said the club was exploring how the block could be redeveloped into residential housing and had already met state planning authorities.
“The important thing is there is no grey area in people thinking we’re going to sell vast tracts of Canterbury Park, or that these plans would in any way jeopardise or affect the racing there,” he said.
“We are looking at smaller parcels of land on the fringes of the racetrack, and whether there is an opportunity to develop those.
“Racing will continue at Canterbury for the long term and there are no plans for that to change.”
Internal factions within the ATC have long been bitterly divided on whether to sell any part of the lucrative site to shore up the club’s finances.
While night racing returns to Canterbury on Friday, dwindling crowds have put the track’s future in jeopardy.
Real estate experts say the whole 35ha riverfront site could fetch an estimated $300-$500 million if sold. They estimate the potential return for developers could be in the order of $1.5 billion in today’s prices – based on the site yielding up to 2000 apartments.
Asked if a redevelopment of the racetrack had been considered, a planning department spokesman confirmed it had met the ATC as part of preparing the strategy.
“The ATC gave no indication of any changes to its current activities at the racecourse in the short to medium term,” he said.
The track is very popular among racing identities, including trainer Gai Waterhouse who has called it both the “most under-utilised track in Australia” and “perhaps the best in Sydney”.
Meanwhile, Real Estate Institute of NSW president Malcolm Gunning said the site was big enough to build a whole new suburb.
“It would have lifestyle connotations, a bit like Wolli Creek, but not as high-density,” he said.
“You would probably see a mixture of townhouses and terrace style on small blocks of land backing on to the Cooks River.”
Professionals Belmore real estate sales agent Michael Sabongi said apartments along the Cooks River are now fetching between $580,000 and $850,000.
Canterbury state Labor MP Linda Burney said that Canterbury Park racecourse was a “vital” community asset.
“Obviously, if the Australian Turf Club is in financial trouble it needs to work with the government to achieve financial sustainability,” she said.
“But this should not involve the disposal of this community asset.”
Canterbury Residents: Our Public Spaces spokesman Michael Thomson said if there was any redevelopment of the site, it should include sporting facilities and a community centre.
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