In less than 10 years, Moonee Valley has gone from on the brink of closure to the verge of a spectacular transformation. Matt Stewart talks to CEO Michael Browell about the battles of the past and the expectations of a brave new future.
It was three days before Christmas in 2015 and the Moonee Valley Racing Club was at war with Racing Victoria.
At stake was both the club and the racecourse, a neat, intimate little circuit famous for its colosseum feel and its signature race, the W S Cox Plate.
The Valley had big dreams that RV, under chairman David Moodie, was determined to crush, according to long-term MVRC CEO Michael Browell
Moonee Valley wanted to become Happy Valley. It wanted financial security and enduring independence.
The scale of its planned redevelopment was far from cosmetic. Apartment towers would pop up all around a track that would be razed and turned sideways.
RV, spearheaded by Moodie, a hard-nosed property developer who was pushing to rationalise the metro clubs, saw the opportunity of turning track and all into a housing development.
The many millions of land sale profits would be distributed across the industry like fairy dust.
Under Moodie and RV’s 'long-term options', the Cox Plate would be run at Flemington. The MVRC would be absorbed into the VRC.
Moodie is not a man known for sentiment, either as a chairman or a businessman.
More recently, Caulfield’s heritage, the red brick, the historic stables and tote board and precious Aleppo Pine, was tangible and visual until the bulldozers destroyed much of it and the walls came crashing in on a race-club of executives in hard hats. Most of the architects of Caulfield’s controversial master plan are now gone.
The Valley’s heritage was mostly intangible, more in the feel than the look, although the look was unique.
The heritage was in the intimate layout, the vibe and memories of Cox Plates run in a cauldron. There was no track like it. You could almost hear the heartbeats of the horses.
But as of Christmas 2015, that vision of the Valley was history.
Then, an unexpected turn of events that would breathe life back into “Moonee Valley Park”.
Moodie stood down as chairman in December 2016 amid an investigation by racing’s independent integrity commissioner Sal Perna over who had inappropriately leaked information about a cobalt inquiry. Perna would eventually conclude that Moodie was not the primary source of the leak.
Meanwhile, Moodie’s chief executive Bernard Saundry resigned in early 2016 and took off for New Zealand.
Brian Kruger, a former vice chairman of the MVRC committee, was elected chairman of RV. Giles Thompson was his CEO. Neither shared the Moodie-era vision. The 'long-term options' were no more.
Browell was appointed MVRC chief executive in 2008. When harness racing left for Melton in 2010, the club felt less restrained in reimagining and redeveloping.
The first thought was a retirement village somewhere on site. Browell was living on a house on track at the time and began wandering the boundaries of the property in the evenings, scoping it out.
Browell and then chairman Bob Scarborough determined that everything would fit – mostly dwellings for 2000 residents – if the whole thing was knocked down and rebuilt sideways.
A retirement village would not yield a big enough return. State parliament introduced an Advisory Panel in 2013 to consider the redevelopment of the racecourse and the process was finalised two years later as Don Casboult took over the chairmanship from Scarborough.
The home straight would run down Wilson Street, on the northern side. There was some kickback, but council and local residents soon came around and dozens of developers made submissions. Australia’s leading superannuation fund Hostplus and their partner Hamton would get the gig.
And away they went. Moonee Valley Park will be built in stages and Phase 1 is well underway. Patrons on Saturday will feel the change, mostly an apartment building under rapid construction between the public stand and the old Tabaret.
If not for one event – the shock departure of David Moodie – the story of the new Moonee Valley may have been of a high-rise estate with ghostly laneways named after famous horses.
“We were at war with RV,” the combative Browell said. “We were on war footing. There was no way we were going to hand over our club and our racecourse to David Moodie and Bernard Saundry.
“It was three days before Christmas and we were told (by RV) that Moonee Valley was a surplus to our racing and we won’t be racing into the future. RV would take over, sell off, pay for the new grandstand at Flemington and the rest would go to RV.
“As soon as the motion was overturned, 39 bids from developers came to market.”
"There was no way we were going to hand over our club and our racecourse to David Moodie and Bernard Saundry."
- Michael Browell
The MVRC estimates Moonee Valley Park will generate $2 billion in revenue as Phases 1 and 2 are completed within the next 18 months. The club will invest $220 million of profits from residentials into the new track and amenities.
In brief, Phase 1 comprises five developments, including 80 townhouses and 69 apartments. Some are already occupied. Construction has begun on a further 330 apartments. Phase two will include 440 apartments which will go to market in 2025.
It is impossible to ignore the dramas across town at Caulfield when grappling with the future of Moonee Valley.
Each club embarked upon its own lavish vision – the Valley first, then Caulfield - without RV providing a clear roadmap for the future of Victorian racing; one that would have set a path for what they should and shouldn’t do.
The MRC also wanted another Happy Valley. The VRC had also talked about putting in lights.
Many asked: how many Happy Valleys can one city have? Cranbourne and Pakenham already race at night and each week only had seven night slots.
The MRC has been widely criticised for smashing through much of Caulfield’s heritage without satisfactory consultation. The new mounting yard will return to its original spot amid scathing criticism and the club now thinks it can’t afford to knock over its main grandstand and build another.
Browell says the cost of the Moonee Valley redevelopment has blown out by $220 million but he is confident it can be covered by receipts from new housing.
He says the Valley has kept members informed of every step and been “extremely mindful” of heritage. The old brick tote building retains its façade and is now a restaurant. Historic horse stalls will be kept.
“We went to an advisory panel in 2013 regarding heritage and we have been very empathetic to it,” Browell said.
“We’ve kept the members and the public informed all the way through.”
On the subject of “how many Happy Valleys?” Browell said: “We are just running our own race. Let’s not talk about what’s happened at the MRC. That’s their problem. The VRC has been talking about lights and so on for an eternity.”
“Intimacy is the secret sauce of the Valley. I wish I could bottle it and sprinkle it all over the new track.” - Michael Browell
Full-blown construction begins when the racetrack will be closed following the 2025 Cox Plate carnival. August 2027 has been earmarked for the grand rebirth.
In that time, 39 race meetings will have to go elsewhere including the 2026 Cox Plate.
Options include Flemington, Cranbourne, Sandown and Caulfield. It is believed that Flemington is now a longshot.
All the money and shiny buildings in the world can’t replace a racetrack colosseum and history. Can you turn a cauldron sideways, reconfigure it, and retain the magic?
“It will be a different experience. It is actually going to be a more compact track, but with a longer home straight. It will come down to the final design, the mounting yard and how it connects to the track,” Browell said.
“I guess that until you cut the ribbon, you’re never really going to know but it’s a key focus.
“Intimacy is the secret sauce of the Valley. I wish I could bottle it and sprinkle it all over the new track.”
