Racing away

By Melissa Meehan
AFTER months of negotiations the Pakenham Racecourse has sold for $38 million, meaning the Pakenham Racing Club can officially move to Tynong in 2013.
The sale of the 60-acre property means the club can fund the $44 million first stage of the new development.
The club is now looking to sell its remaining 3000 square metre residential land holding adjoining the racecourse site, which is expected to fetch a further $1 million.
Pakenham Racing Club chairman Don Duffy said he was very happy about the sale.
“Racing begins at the new course in 2014 and at this point in time we are hoping to vacate the current site in two years’ time,” he said.
“That is when all horse training operations will commence at the new course.”
Victorian developers The Corcoris Group (TCG), headed by Nicholas Corcoris purchased the land.
Mr Corcoris said the land would be used for high density housing, three-storey apartment blocks as well as a commercial and office area dependant on interest from the community.
“At last we have signed the contract,” Mr Corcoris said.
“It’s a great effort by all parties to get the contract over the line, we had to balance the continued use of the land as well as wanting to develop the site as soon as we could.”
He said in two years both the racing club and developers would co-exist on the land as finishing touches on the move were being finalised.
“This is a prime area, and by bringing high-density housing to the area, it will boost the business community in Pakenham,” he said.
“We will move into the site in 24 months and will develop at least 40 per cent of the land.”
Racing Victoria chief executive Rob Hines welcomed the news of the sale.
“We look forward to working with the Pakenham Racing Club as it embarks on the construction of its new racing and training facility at Tynong,” he said.
“This represents a unique opportunity for the racing industry to build a state of the art facility that will service a large horse population and showcase racing to the vibrant and growing communities in the region.”