This article is from the Australian Property Journal archive
THE $2 billion overhaul of Moonee Valley Racecourse is on track for its next two residential stages after ANZ executed a $295 million loan to the developers.
Moonee Valleu Park, in Melbourne’s inner north west, is a joint venture between local private developer Hamton and industry superannuation fund Hostplus, represented by its investment manager, ISPT. It was launched in August 2019 and has delivered two completed stages.
In all, the 40-hectare project will encompass 2,000 dwellings across eight village-style precincts, complete with resident amenities, retailers, cafes, restaurants, playgrounds, sporting fields, running and walking tracks, set amongst 20 hectares of abundant green open space. It will see the famous Moonee Valley Racecourse – home to the Cox Plate – redeveloped, and the infield turned into a recreation zone on non-race days.
ANZ’s loan will primarily fund delivery of the next two residential stages, Trackside House and Stonepine House, comprising 325 build-to-sell apartments.
Funds will also be used to seek planning permits on the balance of the development land and sitewide works to prepare for the Club’s works, which are due to commence in November 2025.
Hamton’s executive chairman, Paul Hameister, said, “The scale of this debt package with ANZ, is a reflection of the strength of security offered by the Hamton-Hostplus-MVRC partnership and the pre-sale success of the latest stages.
“It shows that for the right projects and the right developers, build-to-sell is still a development strategy that will secure the support of the big four banks.
“ANZ’s collaborative approach and innovative thinking has added a lot of value to the project to date and we look forward to continuing that partnership through until project completion over the next decade.”
Apartment pre-sales at Trackside House hit the $100 million mark within just 11 weeks earlier this year.
Hameister said that with the sales success for the two latest stages, pre-sales debt coverage for ANZ has been secured and builder Icon has commenced construction. Completion of Trackside House and Stonepine House is anticipated for 2025.
“We are delighted to continue our long-standing relationship with Hamton Property Group and linking our institutional banking relationships to bring the next stage of this residential development to life,” said Hostplus CEO, David Elia.
Jo Scotney general manager of institutional property & health at ANZ, said, “We are pleased to support three key customers as they work towards this important project together. We look forward to growing the partnership over the next decade.”
The first residents at Moonee Valley Park started moving in last year. Built alongside the apartments were Tote Park and TOTE Bar & Dining.
