Caulfield Racecourse Set for $570m Redevelopment
Caulfield Racecourse has unveiled its $570 million redevelopment plans, which would transform the venue into a sports and entertainment precinct.
As part of the 15-year plan, it would feature an outdoor concert and events space with capacity for 15,000 people and indoor sports complex, and up to 7 sports fields within the perimeter of the racetrack. There would be turf surfaces for footy, cricket and soccer, and synthetic pitches for hockey, as well as an outdoor gym and picnic areas.
Night racing would be held on a second track, and restaurants and pubs will be built around the grandstand.
Walking, running and cycling trails will be created, as well as gardens and open spaces for markets and off-leash walking areas. Affordable housing aimed at university students from low socio-economic backgrounds or frontline health workers may be built above a community and indoor sports centre.
Melbourne Racing Club has committed $285 million to the project, funded partly through the potential sale of Sandown racecourse. The balance would come from federal, state and local governments. Construction could begin from 2023.
On the other side of town, Moonee Valley racecourse is in the early stages of a $2 billion redevelopment that will deliver 2,000 dwellings for 4,000 residents, retail and entertainment spaces, offices, and more than 20ha of new open space.
An entirely new grandstand will be constructed and the racetrack reoriented.
Among the early works are the recent opening of the half-hectare Tote Park, and conversion of the heritage-listed circa-1931 Tote building into a café and venue that will open this year.
CBD Shops Sell
A Chinese-based investor has spent $5 million buying 4 shops in the Melbourne CBD’s Katherine Place as activity returns to the city.
The purchaser has just paid $940,000 for 1/517 Flinders Lane and $749,263 for 28 Katherine Place, both leased to restaurants. Earlier this year, the investor bought Number 18 for $1.675 million, at a 4.65% yield, and Number 26 for $1.575 million at 4.75%, respectively leased to an Indian eatery and a café.
At 535 Flinders Lane, a local private investor snapped up the 18sqm space leased to Lau’s Café for $630,000 at a 3.2% yield. It returns $35,465pa.
Meanwhile, a historic converted warehouse at 27 Niagara Lane sold for $3 million. The 3-level, 250sqm building was constructed in 1887 for a chain of furniture warehouses and has been since used for office space.
Brewhouse Flying Into Hawthorn
Hawthorn is set to welcome its 1st brewery as the popular location continues to evolve into a vibrant inner-suburban retail, hospitality and commercial hub.
New operators Ramblers Ale Works leased the 349sqm building on a 450sqm site at 96 Riversdale Road, next to the busy corner of famous Glenferrie Road. Fitzroys Agency Manager Tom Fisher negotiated the 5-year deal at $100,000pa on behalf of a private investor.
Ramblers Ale Works will open early this year and serve independent craft beer brewed on-site and plumbed straight from tank to tap, and will also offer decadent bar food.
Originally a mechanics hall, 96 Riversdale Road was repurposed in recent years into a fashion, furniture and homewares store and café. It retained its red brick walls, concrete floor, and skylights, which Fisher said presented ideal character elements for the brewery.
This was just one of a number of attributes that made the building a perfect match, Fisher said.
“High ceilings and a large building and site footprint allowed Ramblers Ale Works to accommodate their brewing system infrastructure, coolroom, and both indoor and outdoor space for patrons.”
The expansive 16m frontage close to the busy corner presents excellent signage opportunities, particularly attractive to a business wanting to announce its presence.
The operators of Ramblers Ale Works had been searching for a location for some time, having lived, studied and worked in the area over a number of years, and recognised the growing demand for a local craft beer venue.
“Craft beer bar and breweries are more typically associated with Melbourne’s city fringe. The established and growing catchment of Hawthorn and the inner-east already has a number of high-quality hospitality offerings across its retail strips, but the evolution of the area has seen demand grow for new and unique offerings like this,” Fisher said.
He said the tenant’s commitment to a larger space, 5-year deal and the absolute rental figure demonstrated a clear vote of confidence in Hawthorn and the surrounding area.
“Hawthorn’s commercial market has been attracting a growing number of businesses, many of which are looking for highly-accessible locations with a high-quality hospitality and lifestyle offering, and more so in a period of more flexible working arrangements and a broader acceptance of working from home.
“Thriving local retail strips such as Glenferrie Road, Hawthorn have been a drawcard for businesses and residents looking for local lifestyle amenity, and the new brewhouse will only add to that attraction.”
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys. Terms/Privacy © Copyright 2021 Fitzroys.