This article is from the Australian Property Journal archive
MIRVAC has secured the Harold Park Paceway in Sydney from the NSW Harness Racing Club.
Harold Park Paceway, home to the NSW Harness Racing Club, is located in Glebe, approximately 2.5km from the Sydney CBD and comprises 10.6 hectares of land.
Mirvac has announced plans to develop a 1,200 lot masterplanned community, with a forecast revenue of over $1 billion.
The scheme will also deliver 3.8 hectares of public open space. Development of the site is expected to commence in early 2012, with settlements forecast from financial year 2014.
NSW Harness Racing Club put the site on the market in September this year and said proceeds from the sale will be used to develop its new facility at Tabcorp Park Menangle and provide future prize monies.
“We are extremely excited about our success in securing this prime site, as it is a clear fit with our core competencies,” Managing director Nick Collishaw said.
He added that Harold Park reinforces the group’s development strategy, following on from the strong sales momentum at the Group’s recent project launches at Waterfront Newstead ($27 million – presales), Yarra’s Edge, Docklands ($69 million – presales), Rhodes Waterside, Sydney ($107 million – presales) and Endeavour 88, Sydney ($204 million – presales).
Australian Property Journal
