Nothing lasts forever, and it appears racetracks in cities are becoming more valuable outside of racing than in it.
The latest to fall is Wentworth Park, which will not have its lease renewed in 2027. It will be turned into a public space for units around Blackwattle Bay in Sydney.
It joins the Harold Park, which is now units, as an inner city memory for racing.
But most telling was what NSW Premier Chris Minns said announcing the change.
“We recognise Wentworth Park holds deep history and meaning for many people, and we know some will be disappointed by this change,” Minns told the Sydney Morning Herald.
“But cities change and we have a responsibility to plan for the future.”
“Right in the middle of Sydney and connected by rail, light rail, ferries and the future metro, our plan for the future of Wentworth Park will deliver much-needed new housing while also providing up to 20 new community sporting fields.”
There are remnants of pony tracks around Sydney that made way for development over the years, and given the housing crisis, large parcels of land are hard to come by in the 21st century.
Adelaide has lost Victoria Park and Cheltenham this century and it’s a trend around the world. Hollywood Park in Los Angeles is now SoFi Stadium.
There is constant talk about racecourses being sold because their value runs into the 100s of millions of dollars or in Rosehill’s case $5 billion.
The need for housing will put further pressure on clubs to cash their assets.
In Melbourne, Moonee Valley has already changed the configuration of its track to capitalise on the land it owns to build units.
Sandown remains the subject of State Government attention, while Melbourne Racing Club wrestles with the prospect of cashing in on an asset and losing a racing venue.
The Australian Turf Club has long discussed what to do with Canterbury. It’s now the most likely asset to be sold as Warwick Farm is on a floodplain and Randwick on Crown land.
The Rosehill experience tells the club its membership is traditional in their thinking and wants to maintain racing venues.
But the reality is inner-city land near a metro station has enormous value for Government, and it would secure the ATC’s future beyond the 21st century if Canterbury is sold.
The club is investigating how it could sell off sections of the land at Canterbury and Rosehill in the next couple of years, while keeping the racetracks.
However with no training at Canterbury, it makes it easier to sell.
If the right deal could be found, the Rosehill experience would help the ATC to market a sale of Canterbury to its members.
Minns’ comments surrounding Wentworth Park could easily be applied to Canterbury, which could be turned into thousands of homes.
The next couple of years will be interesting for race clubs. They will never get a racetrack back once it’s sold, but the windfall of a sale can secure the sport well into the future.
