This article is from the Australian Property Journal archive
Stockland late yesterday was on the verge of signing the prized Cheltenham racecourse site situated in the heart of Adelaide.
Speculation swept Adelaide yesterday that Stockland had exchanged contracts with the site’s owner the South Australian Jockey Club.
The SAJC confirmed to Australian Property Journal that Stockland, which back in September 2004 entered the race for the prime landmark site, had outbid all opposition, including AVJennings, for the blue chip residential and mixed use site.
The SAJC board voted to sell the racecourse several years ago, but the racing body had been slowed in its negotiations by the South Australian government over rezoning of the now redundant racecourse.
The SAJC also owns the nearby Victoria Park racecourse, which is in need of a multi-million refurbishment.
Mirvac and Delfin-Lend Lease were also in the hunt for Cheltenham Park. AVJ were favourites until the appearance of the big punting Stockland.
AVJennings has an extremely successful house and land package business in Adelaide, which grown substantially in recent years under the helm of chief executive Louis Milkovits.
Stockland’s is Australia’s largest residential developer with 83 projects with an end value of over $14.5 billion.
Stockland is also one of Australia’s largest and most diversified property groups with interests in retail, commercial, industrial and residential property investment and development. Its property assets here and in New Zealand are worth more than $8.4 billion.
Stockland owns the Australian Tax Office building, in Waymouth St, and Chesser House, Grenfell St. Stockland is also looking at other sites adjacent to Cheltenham Park.
By Adam Parson
