Hamton’s 40-hectare development at Moonee Valley Racecourse in partnership with hospitality industry super fund Hostplus is moving ahead.
Construction, to be overseen by Camillo Builders, has now commenced on the $2 billion urban renewal project following the approval of a $73 million debt facility from an undisclosed major bank.
“Moonee Valley Park is one of the most significant urban development projects in Victoria’s history,” Hamton managing director Matt Malseed said.
“The project partners are thrilled to reach this point, moving from a vision to concept, into construction and establishing the foundations of a new neighbourhood.
“Camillo was chosen following an extensive assessment process by Hamton, as we sought to engage a partner who could deliver on the highest safety and construction standards.”
Private developer Hamton, known for specialising in high-end residential and mixed-use projects in the inner and middle-ring suburbs, has completed and current projects totalling a combined value of $3.5 billion.
Joint venture partner, industry superannuation fund Hostplus—a Melbourne-based $44 billion fund for hospitality workers—currently manages retirement savings for the MVRC employees and around 8,600 City of Moonee Valley residents.
The racecourse masterplan will eventually boast about 2,000 dwellings and be home to an estimated 4,000 new residents in the next 15 years.
The mixed-use project will consist of retail and entertainment facilities, commercial office space and community and wellbeing spaces as well as the construction of a new grandstand and a new extended track surface.
The project’s initial stage, Feehan Row—the first of eight new precincts to be delivered within the masterplan—will see the delivery of 67 Rothelowman-designed terrace houses.
Named after John F. Feehan, who sold his farm to Samuel Cox in 1882 for the development of the iconic racing track, Feehan Row will feature owner-occupier-targeted three-level homes and terraces, comprising a mix of two, three and four bedrooms.
The new residential precinct, earmarked for completion in March 2022, will sit adjacent to the new 5,000sq m Tote Park, a new publicly-accessible space available to visitors and residents which is due to open in October this year.
Half of the masterplan site has been set aside for new botanical green spaces to create a “neighbourhood within a park”.
The racing club has worked for several years on its plans for the redevelopment.
The Moonee Valley Racing Club is expected to harness returns from the project to replace the old grandstand overlooking the track and ultimately reconfigure the course itself.
Elsewhere, in Melbourne’s south-east, Melbourne Racing Club has partnered with Beck Property Group for a $1 billion redevelopment at Caulfield racecourse, being delivered by construction group Probuild.
The Beck and Probuild consortium pipped two listed developers, Lendlease and Mirvac, for the prize, and announced plans for a 13-stage project that would take an estimated 15 years to complete.
And further north, Mirvac and the Brisbane Racing Club this year began construction on the second apartment tower in the $950 million residential precinct Ascot Green at Eagle Farm Racecourse.