A partial redevelopment of Sandown Racecourse has been ruled out by its owner Melbourne Racing Club.
Effectively, it means the iconic 112-hectare site could be either a 16,000-resident estate or retained as a horse-racing and motorsport facility.
In an update to members on 8 February, MRC chair Matt Cain said a part-sale would reduce Sandown’s long-term value by an estimated $300 million and “fail to net a proportional financial return”.
“Financial analysis (by planning consultant Urbis) revealed that redeveloping 50 per cent of Sandown would yield approximately one-third of the returns compared to full development.
“In light of these findings, the Executive Committee unanimously agrees that not pursuing a partial redevelopment and instead maintaining Sandown as an asset in its entirety best protects the Club’s future.”
The MRC is seeking a rezoning of the racecourse which could pave the way for a suburb of 7500 dwellings and 16,000 residents.
But its board is believed to be split on a sell-off, with several directors in favour of retaining the racecourse being elected in 2022.
Mr Cain stated that any decision to cease horse racing at Sandown was in the members’ hands.
The State Government plans to start the formal consultation stage for rezoning in the first-half of 2024, he stated.
According to plans released in 2022, the redevelopment would allow buildings up to 12 storeys in its ‘town centre’ and up to six storeys in other parts.
It would include a mix of apartment towers, townhouses, offices, dining and retail – as well as a kindergarten, day care, primary school, maternity and child health services, a community meeting space and an indoor sports centre.
It promises seven hectares of reserves and sports fields, including parks and trails along Mile Creek, and the retention of the heritage-listed grandstand.
