The Victoria Racing Club (VRC) and Greenland Australia (Greenland) have signed a contract for the sale of two surplus parcels of land at Flemington.
The sale, which would inject more than $45 million into Flemington Racecourse, is subject to approvals from the appropriate authorities for development of approximately 10,500 sqm (1.05ha) of land on Epsom Road and approximately 30,174 sqm (3.01 ha) known as the Hill Precinct.
The agreement follows the signing of a memorandum of understanding in October that involved the preparation of a development concept.
VRC CEO David Courtney said the VRC will now work with Greenland to facilitate a design competition process with a number of leading architectural practices.
The sale will be finalised once the VRC approves the final development concept and all necessary approvals are obtained.
Courtney said the VRC is satisfied the process will deliver a development concept that will complement and respect the Flemington Racecourse precinct.
“The sale is an important milestone in the implementation of the VRC’s ambitious Masterplan, designed to deliver greater benefits to Members, patrons, the racing industry and the community,” Courtney said.
“The Masterplan includes the construction of a new grandstand and enhanced facilities for all visitors to Flemington, and will ensure the Melbourne Cup Carnival remains Australia’s foremost major event.”
Greenland Managing Director Sherwood Luo welcomed the signing and said the planned development of both sites would contribute considerably to Melbourne.
“We are committed to working collaboratively with the VRC to ensure the sale and development provide benefits to the VRC, Flemington and the wider community,” Luo said.
“Our next task is to undertake an internal design competition to ensure we deliver a final concept that reflects the character of Flemington.”
It is envisaged that initial plans will be made available for review and discussion by the middle of 2014.