The South Australian Jockey Club has selected Australian superannuation giant Hostplus and national developer Villawood Properties to help deliver its “once-in-a generation” $350 million development plan for Morphettville Racecourse.
The joint venture partners will work with the SAJC to redevelop 7.5ha of rezoned land between the racetrack’s home turn and Anzac Highway with high-quality housing and apartments, commercial, specialty retail and community spaces.
Key features of the racecourse masterplan include a new community plaza, linking Anzac Highway to Morphettville, which will be available for year-round events and create a grand entry to the racecourse, mixed-use apartment buildings with more than 150 residences, retail outlets including a supermarket, shops, hospitality outlets and a new SAJC-owned tavern called The Junction, plus SAJC administration offices.
The redevelopment will also include 250 townhouses and low-rise apartments ranging in height from two to three storeys.
The apartment buildings, shops, and tavern will be part of a dynamic mixed-use precinct between the Glenelg tramline and Anzac Highway, with the townhouses and low-rise apartments to be located south of the tramline, next to the racecourse.
The announcement follows an exhaustive tender process which received 46 registrations of interest with the SAJC board choosing the Villawood/Hostplus joint venture from a shortlist of six candidates.
SAJC chairman Bob Holton said the appointment of Villawood and Hostplus as redevelopment partners marks one of the most exciting chapters in Morphettville’s proud history.
“This partnership, and the funds generated through the redevelopment, will help us build on Morphettville’s proud legacy and provide the foundations for a thriving club for our current and future members,” he said.
Hostplus CEO David Elia said the development was an important long-term investment opportunity for the super fund.
“The project also demonstrates our ongoing commitment to investing in the South Australian economy and the creation of more jobs across a range of industry sectors in South Australia,” he said. “Hostplus is proud to partner with Villawood on this exciting joint venture, and we look forward to the delivery of this legacy project for South Australians and the members of Hostplus.”
Villawood CEO Alan Miller said his company would bring decades of “experience, innovation and capability” together with a shared vision for a “vibrant, active and engaging Morphettville precinct”.
“We believe the Morphettville site is an opportunity to take a long-term development approach, creating another truly unique Adelaide lifestyle destination,” he said. “We will create a premium lifestyle, events, and racing destination, celebrating its proud history and heritage, reimagined for today and tomorrow.
“This is very exciting for Adelaide and working with Hostplus means a great home-grown, locally-managed investment in our own heritage and our own future.”
The redevelopment is expected to support up to 700 construction jobs with work expected to start by mid-2024.
An adjoining Magic Millions property, owned by Gerry Harvey, has not been included as part of the revised masterplan.
Meanwhile, a $19m Morphettville Event Centre (MEC) which will provide a first-class function space for more than 1150 guests, is already underway. The multi-purpose trackside centre replaces the former Gerard Pavilion and will be available for events ranging from boardroom lunches to large corporate gatherings, race day functions and weddings.
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