The Melbourne Racing Club (MRC) has agreed to sell seven hectares of land west of Caulfield Racecourse for $195 million to Mount Scopus Memorial College, which plans to develop a new campus on the site.
The land, running along Station Street, Kambrook Road, and Booran Road, was previously used for stables and training facilities before training ceased at Caulfield in 2021.
The sale is expected to be finalised within two years, pending planning and regulatory approvals.
Proceeds will be used to clear $165 million in debt from past infrastructure projects.
“This sale will completely clear that debt, reducing risk and stabilising the club’s financial position,” said MRC Chairman John Kanga, who criticised the previous committee’s spending as “unnecessary and badly executed.”
Kanga emphasised the sale’s benefits for both the club and the community.
“It will benefit not only the school and its students, but also have a positive impact on local residents and the broader community,” he said.
The deal, endorsed by Ernst & Young, marks a significant step in securing the MRC’s financial future.
