Picture: Bruno Cannatelli
The Melbourne Racing Membership (MRC) has agreed to promote seven hectares of land west of Caulfield Racecourse for $195 million to Mount Scopus Memorial Faculty, which plans to develop a brand new campus on the positioning.
The land, operating alongside Station Avenue, Kambrook Street, and Booran Street, was beforehand used for stables and coaching amenities earlier than coaching ceased at Caulfield in 2021.
The sale is predicted to be finalised inside two years, pending planning and regulatory approvals.
Proceeds will likely be used to clear $165 million in debt from previous infrastructure tasks.
“This sale will fully clear that debt, lowering threat and stabilising the membership’s monetary place,” stated MRC Chairman John Kanga, who criticised the earlier committee’s spending as “pointless and badly executed.”
Kanga emphasised the sale’s advantages for each the membership and the neighborhood.
“It should profit not solely the college and its college students, but additionally have a constructive affect on native residents and the broader neighborhood,” he stated.
The deal, endorsed by Ernst & Younger, marks a big step in securing the MRC’s monetary future.
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