The South Australian Jockey Club has today released its planned Morphettville Racecourse redevelopment to the market, officially starting the tender process for the project.
A formal Expression of Interest (EOI) has been prepared for up to 10 hectares of rezoned land located next to the home turn of the racetrack and along Anzac Highway.
The club’s concept master plan envisages a two-stage development process incorporating residential, commercial, retail and community spaces.
The higher density stage one would see the construction of 150 modern lifestyle apartments sitting atop a retail podium comprising a tavern, supermarket, speciality retail and hospitality with direct access to the tramline. A 136-room hotel is also planned for the Anzac Highway frontage.
Stage two includes approximately 400 low rise apartments, terraces and townhouses with the two stages linked by a new pedestrian plaza.
The redevelopment would also include the creation of a new grand civic entrance to the racecourse and a residential village through the transformation of the heritage grandstand into a café and community hub.
Total value of the redevelopment at completion has been independently estimated at $500 million.
“We received encouraging feedback from our preliminary market soundings and there’s an understanding that this is a very significant development opportunity for Adelaide,” SAJC CEO Grant Mayer.
“It’s a large and attractive area of land in Adelaide’s western suburbs that offers great proximity to both the CBD and beaches, as well as having public transport links literally on its doorstep.
“We have developed a comprehensive concept master plan, but we’re inviting developers to partner with us and use their expertise to help us make the most of the opportunity.”
Mr Mayer said returns from the redevelopment would be reinvested by the club in its Morphettville facility.
“There have been some extremely successful redevelopments undertaken by racing clubs around the country in recent years,” he said.
“We’ve watched these very closely and believe ours has similar potential, enabling us to invest back into Morphettville for the benefit of our members, the racing industry, our local community and the State.”
The EOI submission process will close on 30 September, with the club intending to invite a shortlist of proponents to provide proposal from October.
The EOI documentation can be viewed here.
