Less than a year after the Rosehill saga, the Australian Turf Club has discussed a secret plan to redevelop a portion of Royal Randwick into housing to allow a multi-million dollar upgrade of its ageing training facilities.
Idol Horse has been told the proposal, which is still in its infancy, has been developed by powerbrokers at Sydney’s sole race club and will eventually be sent to the NSW government for approval given the course is on Crown land.
The draft includes partitioning a piece of the property on the High Street side of Royal Randwick for multiple apartment buildings, which could be built for between 1000 and 2000 homes.
Multiple sources familiar with the talks but not authorised to discuss them publicly said the proposal, if it proceeds, will be a game changer for the club looking to strengthen its financial position amid static wagering levels.
The ATC has a 99-year lease over Royal Randwick signed in 2008.
NSW Premier Chris Minns, who lamented a generational opportunity to build a 25,000-home mini city on Rosehill being voted down by ATC members last year, has been desperate to alleviate Sydney’s housing crisis and would study the proposal intently.
No developer has discussed the project at length yet, but the NSW government could theoretically use some of the money from the rezoning to help the ATC build new stabling facilities for trainers at Royal Randwick.
The ATC wants to consult – and get the approval of – members before proceeding with the project.
“A proposal to develop a small parcel of land at Royal Randwick is in the very early stages of discussions,” an ATC spokesperson said.
“A crucial element of any plans would be investment in horse stabling across Royal Randwick, ensuring it was the centrepiece with residential housing added around the equine precincts.
“Before any plans are advanced, we would at first look to consult with ATC members, the racing industry along with Racing NSW, and Royal Randwick’s Trustees.
“The ATC is continually looking at ways to increase its revenues across all its venues, and this is just one example.”
It’s not the first time the ATC has been linked with a housing project for one of its four racecourses, having unsuccessfully tried to lobby members to greenlight the $5 billion sale of its major asset, Rosehill Gardens, during a bitter 18-month ordeal. Three of its directors quit months after the extraordinary general meeting.
And it’s been embroiled in delays with a developer over the redevelopment of parcels of land at Canterbury.
But Royal Randwick has always been off limits for possible housing development – until now – as the ATC seeks a cash injection to upgrade horse areas at its premier racecourse, which houses stars under the care of trainers Ciaron Maher, Gai Waterhouse and Adrian Bott, John O’Shea and Tom Charlton, as well as Peter Snowden.
The ATC has had a volatile summer with its four remaining directors taking the regulator Racing NSW to the Supreme Court to seek an injunction from the club being immediately put into administration over governance and financial concerns.
It was successful in gaining the injunction until a two-day hearing on the validity of the administration order is heard later this month ∎
