Globe Derby Park land released by SA Harness Racing Club
The SA Harness Racing Club has unveiled sweeping plans to redevelop Globe Derby Park, including a $55m land sale aimed at securing the racecourse’s financial future.
The South Australian Harness Racing Club is looking to cash in on the shortage of industrial land in Adelaide’s north, as it kicks off the first stage of a long-anticipated development of surplus land at Globe Derby Park.
Queensland-based development partner Seymour Group has released the first 13 of 22 parcels earmarked for sale along Port Wakefield Rd through Ray White Commercial and JLL.
The 9ha land sale is expected to generate more than $55m in proceeds, clearing a $3.5m loan advanced by Seymour Group to the racing club in 2020, when the club was on the brink of collapse.
Seymour Group director Daniel Farquhar said the land sale would shore up the club’s long-term financial position, and was well timed given the shortage of industrial land across Adelaide.
“They’ll be really a prime mixture of industrial lots and also retail lots facing the highway there,” he said.
“It’s pretty well reported down there how tight the industrial land market is – I think this comes at a perfect time.
“It will see them (SA Harness Racing Club) substantially in the black, so they’ll have a really good nest egg to help fund the future of racing at Globe Derby.”
Racing returned to Globe Derby Park earlier this month following a near-$1m investment in upgrades to the main track and the installation of a new training track.
The old training track is part of the 9ha of surplus land that will be sold off over two stages.
Fully serviced allotments ranging from 2450sq m to 9252sq m are on offer as part of the first stage land release, towards the southern end of the racing club’s broader landholding.
It is expected that the SA Harness Racing Club will retain ownership of some of the 22 parcels in order to secure an ongoing revenue stream.
Mr Farquhar said major earthworks would begin in the new year, and the land development would be completed by the end of next year.
Seymour Group was founded by family patriarch and rich lister Kevin Seymour, who is widely credited with transforming the Brisbane CBD and rejuvenating the Albion Park Harness Racing Club as its chairman.
Mr Farquhar – Mr Seymour’s grandson – said his grandfather remained a harness racing enthusiast and was committed to breathing new life into the SA Harness Racing Club.
“The reason we originally got involved with the club (SA Harness Racing Club) is through Kevin’s long association with harness racing,” he said.
“This is a special case for us down in Adelaide with the harness racing connection and Kevin’s involvement. They’re really starting to turn the club around now.”
SA Harness Racing Club members approved the land sale at the beginning of 2023.
Later that year Seymour Group paid $8.58m for a 5ha slice of land on the corner of Globe Derby Drive and Port Wakefield Rd, which was previously sold off by the racing club before falling into the hands of mortgagees.
Mr Farquhar said there were longer term plans to develop that site following the sale of the SA Harness Racing Club’s landholding.
Expressions of interest in the first stage of the Globe Derby Park land release close at 4pm on November 20.
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