Capital result for Canberra racing as government backs redevelopment

A major redevelopment of Canberra’s Thoroughbred Park is a step closer to becoming a reality in a move that promises to secure the industry’s long-term future in the ACT.

Amid calls for the entire racecourse to be demolished to make way for housing, a relieved close-knit Canberra racing industry is on the verge of receiving ACT government approval for the multi-purpose project, reportedly valued at $2 billion.

In an announcement in January, the territory’s Labor government said it was firmly behind a Canberra Racing Club (CRC) plan to deliver more than 3000 dwellings on a parcel of land at Thoroughbred Park without compromising racing and training operations.

Restaurants, cafes and shops on the land earmarked for development would sit alongside the club’s existing racing facilities.

But before redevelopment plans can be lodged, the club must apply for zoning changes to some parts of the Thoroughbred Park precinct.

The CRC holds a lease on Thoroughbred Park until 2100 and its masterplan and rezoning bid has been identified as a government priority under an updated Territory Plan released in late 2023.

“It’s been earmarked for development and since the (Territory Plan) was published we have been working really hard behind the scenes making that happen,” CRC chief executive Darren Pearce told The Straight.

“I would like to think rezoning will come through this year and I’d be hopeful there would be some positive news on that in the first half of the year.

“Then the focus will be on the other opportunities that creates.”

In the countdown to the Black Opal Stakes, a signature race for Canberra and an established lead-up to the $5 million Golden Slipper, Pearce revealed a significant portion of any cash injection will be directed towards the club’s racing infrastructure.

“We’re not property developers for the sake of property development,” he said.

“We want to create a capital base to invest back into racing.

“The training facilities are very good here but there are always opportunities to improve.

“That’s why we are doing the development to create the funding base to not only invest in our assets but also create new revenue streams to allow us to inject money into prize money and promotions to keep racing vibrant in the ACT.”

A rezoning will pave the way for commercial development and high-density housing close to a new light rail stop.

The project has received bipartisan support with Liberal racing spokesman Mark Parton condemning the ACT Greens who have demanded the closure of Thoroughbred Park.

Greens MLA Jo Clay has led an anti-racing campaign in the ACT, calling for an end to public funding for the industry in a move that would most likely be the death knell for racing at Thoroughbred Park.

But Clay has been accused of grandstanding and using the potential sale of Rosehill racecourse in western Sydney as an example of why Thoroughbred Park should suffer a similar fate.

“We’re not property developers for the sake of property development. We want to create a capital base to invest back into racing” – Canberra CEO Darren Pearce

In a surprise announcement, the NSW government revealed in December that it would acquire Rosehill to create a new Sydney suburb.

NSW Premier Chris Minns described Rosehill’s sale as a “once-in-a-generation opportunity” that would provide for 25,000 new homes in the geographical centre of Sydney.

The deal is worth a reported $5 billion to the Australian Turf Club but a sale will force Rosehill trainers to relocate their stables within the next five years.

Rosehill to be sold off in shock move by ATC

Rosehill racecourse, the home of the Golden Slipper and more recently the Golden Eagle, will cease racing within five years after a shock announcement by the New South Wales government that it will acquire it from the Australian Turf Club (ATC) to build a suburb of 25,000 homes.

The StraightBren O’Brien

“We’re really interested to see that in a lot of places around Australia, like in Sydney, they’re having this really deep conversation about what should be the future of their racetrack,” Clay told the Canberra Times.

ACT Planning Minister Chris Steel says Thoroughbred Park, located less than 8km from the Canberra CBD, is an ideal location for housing without compromising the industry’s racing options under the CRC’s plan.

“There is already government policy saying there should be more housing at Thoroughbred Park as well as continuing racing in the ACT,” he said.