Melbourne Racing Club secures financial future with $195m agreement to sell Caulfield west precinct to Mount Scopus Memorial College

Melbourne Racing Club has struck a deal to sell a seven hectare parcel of land that will help clear the club’s debt.

The MRC has announced a landmark $195m sale of land west of Cauflield Racecourse, subject to planning and regulatory approval. Picture: Vince Caligiuri/Getty Images

Melbourne Racing Club has secured its financial future with a $195m option agreement to sell a land parcel west of Caulfield Racecourse.

The deal with Mount Scopus Memorial College, subject to planning and regulatory approvals, is expected to be settled within 18-24 months and would clear the MRC’s $165m debt.

The site is set for a new Mount Scopus campus, consolidating the school’s three colleges, and community facilities including a childcare centre proposal at heritage protected Lord Lodge.

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The seven hectare “Caulfield West” precinct extends from Station St along Kambrook Rd and Booran Rd south to Glen Eira College.

MRC chairman John Kanga welcomed the agreement, endorsed by Ernst & Young, which the board “believes is in the best interests of the club and its members and puts us in an excellent financial position moving forward”.

The MRC has negotiated with Mount Scopus for about 12 months and the planned new campus has bipartisan government support.

“It will benefit not only the school and its students, but also have a positive impact on local residents and the broader community,” Kanga said.

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The land, previously used for stables and related facilities, has been largely vacant since late 2021 following the cessation of horse training at Caulfield.

The MRC incurred $165m debt as part of a $300m Caulfield Masterplan redevelopment.

Kanga became chair in October after a successful board challenge on a platform to wind back “unnecessary” and “badly executed” works.

Melbourne Racing Club will wipe its debt incurred by the Caulfield Masterplan redevelopment. Picture: Vince Caligiuri/Getty Images

“I have been highly critical of the $165m in debt incurred by the former committee and executive team in relation to what are considered to be unnecessary and badly executed infrastructure works at Caulfield Racecourse,” Kanga said.

“A new office building, a new inside track which was not required, and a poorly designed and wrongly positioned new mounting yard and ancillary buildings.

“This sale will completely clear that debt, reducing risk and stabilising the club’s financial position.”

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Kanga confirmed the club’s position to retain racing at Sandown, “not waste money on an unnecessary new grandstand at Caulfield Racecourse” and reinstate the Caulfield mounting yard to its “rightful original position” in front of the grandstand and winning post.

“All of this is very positive for the club and the racing industry in general,” Kanga said.

The refreshed MRC committee includes Frank Pollio and Barbara Saunders, appointed recently after resignations of Scott Davidson and Brooke Dawson.

Originally published as Melbourne Racing Club secures financial future with $195m agreement to sell Caulfield west precinct to Mount Scopus Memorial College