Caulfield Racecourse Set for $570M Revamp

A master plan to position Caulfield as the Asia-Pacific region’s best known race track would see the facility transformed into a sports and entertainment precinct 10 times the size of the MCG, the Caulfield Racecourse Trust proposes.

The $570 million redevelopment would see the racecourse expanded to create one of Melbourne’s largest open public spaces, replete with a concert space to rival the Sidney Myer Music Bowl, up to seven sporting fields within the racetrack and an indoor sports centre.

Over the course of 15 years, the Melbourne Racing Club hopes to transform Caulfield into a leading sports and lifestyle destination, with designs for walking, running and cycling trails, gardens, a skate park, outdoor gym and picnic areas also included in the vision. 

The project, which is expected to begin in 2023, is being partially funded by the sale of Sandown Racecourse in Springvale.

The plan also proposes a dining precinct with pubs and fine dining restaurants set within the grandstand to cater to twilight racing. 

The redevelopment echoes a similar $2b urban renewal project at Moonee Valley racecourse.

Moonee Valley Park will see a village-style housing and lifestyle development with retail and green spaces built on the western end of the racecourse, whilst the inside of the track is transformed into four diverse, multi-use spaces including an events precinct, playing fields and a community space.

Probuild, Multiplex and Watpac are expected to compete for the Caulfield redevelopment contract.

Nearby, Probuild is part of a consortium with Beck Property Group developing an $800 million multi-stage mixed-use residential precinct called Caulfield Village, set across five hectares.

The Beck Probuild consortium has partnered with Melbourne Racing Club to deliver plans for the final stage of the project – which is over a decade into the planning stage – to redevelop the racecourse’s former member’s car park into apartments and office buildings.

Multiplex has extensive experience constructing sports and entertainment precincts, having delivered the iconic Wembley Stadium in London, and closer to home, Perth’s Optus Stadium.

Meanwhile, Watpac’s recent experience in the sector includes the redevelopment of the National Tennis Centre at Melbourne Park. 

The Tier 1 builder has also completed the transformation of the Brisbane Cricket Ground into The Gabba, along with subsequent upgrades.

Image Source: The Age

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