Victoria Racing Club considers next move for Flemington land
The Victorian Racing Club has won a key approval for its ambitious plan to sell land around the Flemington racecourse for development into residential housing.
The VRC is going it alone with two separate parcels of land it owns overlooking each end of the world-famous track – home to the Melbourne Cup – after an agreement with Chinese developer Greenland broke down.
The state government has cut back considerably the scale of the potential developments after original proposals provoked a community backlash.
The 14-storey tower proposed for the Flemington Green precinct on Flemington Hill has been reduced to 10 storeys, matching the height of the racecourse’s historic grandstand.
At the other end of the track on Epsom Road, Planning Minister Richard Wynne has allowed a tower of up to 15 storeys, much lower than the originally-proposed 31-storey tower.
“This achieves a balance that recognises the need to keep pace with a growing population, but not at the expense of Flemington’s appeal and amenity,” Mr Wynne said.
“This is an example of proper planning at play. We’ve listened to the advice of a community and in independent group of experts to find the best way forward.”
The VRC struck a deal more than three years ago to sell the two parcels of land to Greenland. The agreement would have netted around $45 million for the VRC which would help fund a redevelopment of the old club stand into a new facility.
But the deal with Greenland, which relied on the land being rezoned, collapsed last year when the Chinese developer tired of the delay in approval.
The Greenland project would have resulted in a high-rise development worth more than $500 million in end value.
The VRC needs to submit further development plans for each site before they can be given full approval.
A planning committee report released on Friday described the Flemington racecourse as a site of “international significance”.
Because of that, a “less intense form of development, with a more modest built form” than Greenland had originally proposed with the VRC would be more appropriate, it found.
VRC chief executive Simon Love said the club was now considering its options for the land parcels.
“It is encouraging that the Minister for Planning and the advisory committee have supported development at Flemington and we will review next steps once we have studied the report in detail,” he said.
“It has always been our intention to add to the vibrant Flemington precinct and fund the upgrade of facilities at the racecourse partially through the sale of surplus land.”
