Private Capital – Canberra racing’s master plan progresses despite government reluctance

Private investment is likely to underwrite the first stages of a partial redevelopment of Canberra Racing Club’s (CRC) Thoroughbred Park as the newly returned ACT government deals with a budget deficit.

ACT Chief Minister Andrew Barr has all but ruled out a joint venture with the CRC on a proposal to turn a parcel of racetrack land into a housing and commercial precinct.

The CRC had hoped to partner with the government to kick-start the project that promises to help secure racing’s future in Australia’s capital city.

But Barr told an Annual Reports hearing in February that joining forces with the CRC isn’t a government priority during the current parliamentary term.

He said the government was considering other development opportunities.

“There’s obviously only so much development activity that we can undertake at any point in time, and only so much that the market can absorb and only so much risk we’re prepared to take,” Barr said.

“We haven’t made a final decision in relation to this, but it would be fair to observe that of all of the development projects, new suburbs and precincts that are of focus in this parliamentary term, this one sits towards the bottom of the list.”

But CRC chief executive Darren Pearce said he was far from discouraged with the government’s position and he expects rezoning to go ahead this year.

“The facts are the government is in a deficit budget and they’ve committed to a number of investment partnerships,” he told The Straight.

“They can’t spend any more money on partnerships. It’s been reported that this is a blow to our master plan but it’s not.”

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

Canberra redevelopment an ACT election issue as Greens ‘run hard against racing’

A proposed redevelopment of Canberra’s Thoroughbred Park has become an ACT election issue with the Greens continuing a campaign for the entire racecourse to be reclaimed for housing.

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A rezoning will pave the way for commercial development and high-density housing close to a new light rail stop about 8km from the Canberra CBD.

Amid the government’s stance, the CRC says it is well-advanced in its ambition to seek outside development assistance.

“The government’s bucket is full, so it just means we need to look at partnerships in the private sector to get moving,” Pearce said.

“We always had two strings in play,” Pearce said. “One was a partnership with government and one was doing it ourselves. There’s been no change to that.

“We think our site’s a winner. It’s on the light rail line and it’s a gateway to the city and the northwest growth corridor so we think we’re extremely well-located.”

Pearce said that there have already been informal meetings with a number of developers from the ACT and NSW.

“The government’s still moving forward with our rezoning and we’re looking forward to some positive news in the next two months,” he said.

A significant portion of any cash injection from the redevelopment will be put into the club’s racing infrastructure amid growth in its training ranks over the past 12 months.

“Our numbers have gone up to nearly 300 horses in work which means we are a meaningful training centre for our region,” Pearce said.

Relocating stables to the middle of the racetrack is a part of the master plan.

“That’s one of the options. That allows us to maximise the development around the precinct,” Pearce said.

“Stabling takes up quite a sizeable area. There are other options but that’s what we’ve applied for in the master plan.”

Racing’s future on the line in ACT election as insurance relief looms for Canberra stables

Saturday’s ACT election could see relief in the “unsustainable” cost of workplace insurance for Canberra-based trainers, but a pivot towards a Green vote could prove disastrous for the local racing industry.

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Insurance reform, an election promise made by the re-elected Labor government with bipartisan support, is expected to provide further stimulus for the ACT racing economy.

“We can see some light at the end of the tunnel on workers’ compensation,” Pearce said.

“We’re continuing to work with the government and Racing NSW on a new model.

“(Insurance) is the key structural weakness we have in terms of racing businesses and our trainers.

“So if we can solve that, that’s a huge step forward and on the basis of that there’s a bit of momentum behind it because we’ve seen trainers come back.”

Canberra will stage its marquee meeting on Sunday with the Group 3 Black Opal Stakes for two-year-olds on a possible path to the Golden Slipper, the centrepiece of four stakes races.