High-rise apartment blocks would be built at Royal Randwick racecourse under a proposed deal with the state government worth hundreds of millions of dollars.
The plan has been devised as the latest racing-related solution to Sydney’s housing shortage crisis, nine months after the controversial bid to sell western Sydney track Rosehill Gardens for $5 billion failed.
It would involve developing parcels of land at the southern end of the racecourse into towers containing as many as 3000 apartments, as well as new stables for Randwick-based racehorse trainers.
The proposal is yet to be put to the NSW government but is under consideration by the Australian Turf Club, which owns several metropolitan racetracks and has a 99-year lease on the Randwick course.
Eager to avoid a repeat of the high-profile Rosehill sale saga after racing identities such as Gai Waterhouse fought tooth and nail against it, the Randwick-headquartered club intends to raise the idea with its thousands of members this time before putting it to the government.
The racecourse circuit itself, on which major races such as the Everest and the Doncaster Mile take place, would not be touched.
But according to sources with knowledge of talks, a deal to develop the land beside it could net the ATC hundreds of millions of dollars.
It would need to have the Minns government on board to get it over the line because the racecourse is Crown land, overseen by three appointed trustees.
“A proposal to develop a small parcel of land at Royal Randwick is in the very early stages of discussions,” an ATC spokesman said.
“A crucial element of any plans would be investment in horse stabling across Royal Randwick, ensuring it was the centrepiece with residential housing added around the equine precincts.
“Before any plans are advanced, we would at first look to consult with ATC members, the racing industry along with Racing NSW, and Royal Randwick’s Trustees.
“The ATC is continually looking at ways to increase its revenues across all its venues, and this is just one example.”
The proposal has emerged as the club’s board fights a decision by Peter V’landys-led Racing NSW to place it into administration over “serious financial issues” and governance concerns.
But Premier Chris Minns and his government would have to be convinced to either take on the development and pay the ATC to forfeit its lease on parts of the track’s surrounds, or sell the land to the club to do it. The ATC has more than 80 years remaining on a peppercorn lease at Randwick.
Addressing Sydney’s housing problem in the in-demand eastern suburbs is the carrot. A Randwick development would potentially offer key worker housing for medical staff and university students at the nearby Prince of Wales Hospital, Sydney Children’s Hospital and the University of NSW.
“The NSW government is not aware of any development proposal on Randwick racecourse,” a spokesperson said.
“Any proposal received would be considered in the usual way.”
Developing on land next to the Randwick track was first weighed up 15 years ago, and a new approach from a property consortium late last year has brought it back to the table.
There are planned to be two sets of apartment blocks along High Street – one at the south-east corner of the racecourse near the hospitals and the other towards Anzac Parade where trainers’ stables are located.
There are light rail stations nearby to both.
The ATC and the government in December 2023 announced a proposal for Rosehill to be sold to open the way for 25,000 new homes to be built there.
It was met with strong opposition from Waterhouse and other prominent figures in racing and triggered a parliamentary inquiry, at which Minns’ long-time friendship with ATC head of government relations Steve McMahon was probed. McMahon has since become the club’s chief executive office.
