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Race club punts for secure future

Wednesday 7 May, 2008 12:01am

But the company behind the $80 million project is not a cashed-up foreign investor. It is Gosford Race Club which less than two weeks ago was down on its heels.

The club had watched as its biggest meeting of the year, worth thousands of dollars in revenue, was washed out for the second year running.

Gosford Council was expected to approve the club's development application at last night's council meeting. The club is taking a long-term punt to secure its financial future by developing its substantial land holdings across from the track on Racecourse Rd.

The 23,000sq m development on the former Gosford brickworks site between Racecourse Rd, Young and Faunce streets would include bulk retail and office space, landscaped gardens, cafes and restaurants and possibly tourist accommodation.

Club CEO Tony O'Mara said the club had lodged the development application two years ago but had to wait until Gosford's new zoning laws came into effect late last year.

However the changes to the CBD's local environment plan and subsequent delays had proven a windfall for the club.

Under the new zoning the land is classified "B6 Enterprise Corridor" and for the first time included as part of the CBD.

This gives the club free rein on what type of development can be included such as boutique retail shops or a medical centre.

The design centres around nine buildings with external terraces and connecting pathways.

"It is fair to say Racecourse Gardens would be the biggest single development at Gosford in recent times and could provide the catalyst for the new local environment plan," Mr O'Mara said.

"Importantly it ensures the future financial viability of Gosford Race Club."

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