Have you locked in plans for the new grandstand?
“The final design of the grandstand is being reviewed to be able to come in at a size that will fit within the budget that we have. We’re building a grandstand that will meet the needs of the club into the future, both from a racing and an event perspective. But we want to make sure that we are building a facility that can be utilised 365 days of the year for a multitude of events and functions.”
How many people will the new Moonee Valley hold?
“The new racecourse that we are building will be able to accommodate 25-30,000 people for a Cox Plate day. In my 17 years here at the club, the only time we’ve had more than 30,000 people on course was Winx 3 (in 2017), which was 32,000, and Winx 4 (2018), which was 38,500.”
Winx and jockey Hugh Bowman salute the crowd at Moonee Valley in 2018 after winning the Cox Plate for the fourth time.Credit: Eddie Jim
What happens if we get another Winx?
“Similar to what they do with the Kentucky Derby, we’ll be able to have a significant crowd in the infield if required – we’ll have fixed grandstand facilities but also supported by temporary infrastructure that you get at major events now (such as the grand prix and Australian Open).
Will the grandstand be finished in time for the reopening?
“Our first priority has been to finalise the price and the contracts for the racecourse civil works – we are a matter of weeks away from doing that – but once that number is known, we can then go through and refine the plans for the grandstand to ensure that there are no budget blowouts. There are three options that we’re looking at, but within the next three months, we should be able to pin down when the construction of the grandstand will commence.”
What happens if it is not completed by 2027?
“We’ve got plans prepared to show what a major event could be, such as a Cox Plate, if our grandstand wasn’t completed in time for 2027. So again, that would be the temporary infrastructure overlay. The grand prix has 100,000 people turn up on the Sunday and there’s very limited fixed infrastructure. Those plans have been prepared. We know what that footprint would look like. But our ambition is to deliver the completed new Valley precinct – racecourse and grandstand – at the earliest possible time, making sure that we do this within the budget that’s been established.”
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How many people will the grandstand hold?
“The grandstand could accommodate 6000 to 7000 people when it’s completed.”
Is that smaller than what you have now?
“The old ones are a little bit bigger, particularly with the fixed grandstand seating, but we’ve got 3000 grandstand seats here (currently) that only get used one afternoon of the year. We want to make sure that we’re not over investing, over-capitalising in a grandstand for one afternoon a year.”
What is happening with the infield – there has been talk of harness racing, AFL, soccer or even a golf driving range?
“My understanding is that conversations are still ongoing between Harness Racing Victoria and the state government, regarding the future of [racing at] Melton and then the possible role that Moonee Valley could play as a feature metropolitan venue. The club’s moving forward in negotiations with other potential tenants, which could include the AFL. We would be looking to construct those facilities through the closure period, so that when the track does reopen on August 27 that the infield is completed.”
How could the infield be used for football?
“The specific use is something for the AFL to determine. Whether it’s umpires, whether it’s women’s football, whether it’s pathways, whether it’s VFL, there are opportunities around what we’re doing with the infield, and then how that could work, in parallel with some ideas that they’ve got for Windy Hill. We’ve re-engaged with the AFL to get them to come through and provide more details on what they see as the opportunity with the infield.”
What’s the public or members’ view on how the space is used?
“We are exploring a mix of facilities that will support passive and active recreation across three key groups – our members, Moonee Valley Park residents and then the broader local community. So whether that’s being able to come in here and use the ambulance track on the infield for running or for people to ride their bikes, walk their dogs, there’ll be playgrounds, there is talk around golf activations, or tennis, netball, basketball.”
How will looming staff cuts affect the club?
“The club has identified possibly a possible 40 per cent reduction in a workforce through that closure period. It’s a sensitive issue, and we’re working through that with our team at the moment. But we are also working with those team members that may be impacted through the closure, to support their next career move. We’re focused on doing everything we can to support our people through this period. We will carry approximately 65 staff through the redevelopment period, and that’s across the club and our hospitality businesses. We’ll make sure that all of our key stakeholders, whether they be members, or club sponsors, or other key stakeholder groups, are looked after and that we provide a high level of service to them throughout that closure period. The COVID period certainly helped us in building out that model.”
Should the industry or members be concerned about the future?
“Out of the club’s profit distributions from Moonee Valley Park [apartments], when the project’s completed, in addition to the $220 million that we’ve invested into the new racetrack and grandstand precinct, the club will have a significant cash surplus that will provide future revenue streams to ensure the financial stability of the club well into the future. In addition to the cash surplus, the club will retain ownership of 72 acres of freehold land, seven kilometres from the centre of Melbourne.”
Is there a value of the cash surplus?
“We are targeting a significant cash surplus at the conclusion of the Moonee Valley Park redevelopment by Hamton/Hostplus. The land that we will retain for the new racecourse precinct is approximately 72 acres, [and] has a value today which is approaching $400 million”.
Are outside financial fears unfounded?
“We’re confident the costs won’t blow out because we’re in full control of the scope of the project and the budget. We’ll build according to our budget in line with projected future Moonee Valley Park profit distributions. We are certainly not betting the farm on this. We are being financially prudent in the way that we’re managing all aspects of this project. It is also important to point out here that the MVRC is investing $220 million. We are fully funding our redevelopment and we’re not taking $1 from Racing Victoria. We are 100 per cent independent in undertaking this project for the benefit on MVRC members and the Victorian racing industry.”
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When does the work begin?
“The redevelopment is earmarked to start on the first of November. We will vacate the existing grandstand on the 8th of November, and demolition will then commence. The construction of a new north-south road that will separate the Moonee Valley Park development from the new racecourse will commence at the same time.”
Where are the apartment developments at?
“Stage one consists of 479 dwellings and has sold out. Construction on the two current projects will be completed in October-November this year and will deliver 330 apartments. Once stage one is completed, the MVRC will receive a significant project profit distribution – more than $50 million – which will be applied towards the commencement of the racecourse development. The first project in stage two of Moonee Valley Park will deliver almost 400 apartments. Pre-sales have recently commenced and there has been strong interest to date. Construction of this apartment building is due to commence immediately following the demolition of the grandstand next year.”
