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Perth Racing announce Belmont grandstand to be demolished
West Australian Racing
DamienWyer
7,677 posts
Perth Racing today have announced to members that it is to be demolished following the 2014 Winter season.
No mention of a construction timeline was mentioned, but the possibilities of the 2015 Belmont season needing to be re-scheduled would be very high.
It is worth mentioning that construction work should have commenced this month at Belmont, according to their own timeline on the Perth Racing website for a couple of years, but with the Magic Millions Sale in mid February, at the very earliest it won't start until March. With today's announcement, that timeline I guess will be further pushed back.
They begin to sell off the plan later in 2014. In light of the WACA's problems in getting their concept off the ground, i presume Golden River wanted to buy themselves some time to see if the real estate market changed directions.
I think I am right in saying that this project has been at least four years since the initial deal was announced. So is this just another year delay ?
Here is today's announcement.
10th January 2014
Dear Member,
On behalf of the Committee and Executive team, thank you for your continued support of Perth Racing and we extend our best wishes to you for a healthy, happy and prosperous 2014.
The past year has been a watershed one for your Club with the signing off of our contract for the redevelopment of Belmont Park into a state of the art racing and entertainment precinct and we look forward to keeping you informed of our progress in 2014.
Golden River Developments WA (GRDWA) are now well advanced in their planning process and working with the Town of Victoria Park on the TOD Precinct Development Approval. Once Development Approval is obtained GRDWA will make available the architectural plans for the first stage of their development after which they anticipate commencing pre sales for the TOD Precinct in the second half of 2014.
Your Committee are well advanced in our initial planning process and have reviewed a detailed cost benefit analysis on the optimum way forward with respect to the Grandstand project and race day facilities.
Not surprisingly it has been clearly demonstrated that a new build is by far the most efficient and cost effective way forward and will best deliver a facility that will provide an outcome designed for the 21st century. We anticipate that a detailed plan will be available on our website and member’s notice board on the member’s floor at Ascot for review in the second half of January 2014. We encourage all members to review the plans and provide us with any feedback during this process.
The new build will incorporate a Health and Sports Club which will be fully funded by GRDWA and operated by the Club on completion, in time this becomes the property of Perth Racing to operate in perpetuity for members and residents.
At this point of time it is our intention to commence demolition of the grandstand after the completion of the 2014 Belmont racing season subject to receiving approval for our plans from the Town of Victoria Park.
Members will be provided with an opportunity to keep abreast of developments at our next Members Forum morning tea to be held at Belmont Park Racecourse on Saturday 3rd May.
As part of our commitment to enhance the race day experience for patrons at Ascot we have removed the burger bar to create more open space , added a new marquee to provide additional shade and shelter and launched the new Delicatessen offering barista coffee and fresh sandwiches and rolls. We have also added 90 benches to the member grandstand seating area to increase its usability for all members.
Heading into 2014 I wish each and every one of you a successful and healthy 2014.
Yours Sincerely
Mr E van Heemst
Chairman
No mention of a construction timeline was mentioned, but the possibilities of the 2015 Belmont season needing to be re-scheduled would be very high.
It is worth mentioning that construction work should have commenced this month at Belmont, according to their own timeline on the Perth Racing website for a couple of years, but with the Magic Millions Sale in mid February, at the very earliest it won't start until March. With today's announcement, that timeline I guess will be further pushed back.
They begin to sell off the plan later in 2014. In light of the WACA's problems in getting their concept off the ground, i presume Golden River wanted to buy themselves some time to see if the real estate market changed directions.
I think I am right in saying that this project has been at least four years since the initial deal was announced. So is this just another year delay ?
Here is today's announcement.
10th January 2014
Dear Member,
On behalf of the Committee and Executive team, thank you for your continued support of Perth Racing and we extend our best wishes to you for a healthy, happy and prosperous 2014.
The past year has been a watershed one for your Club with the signing off of our contract for the redevelopment of Belmont Park into a state of the art racing and entertainment precinct and we look forward to keeping you informed of our progress in 2014.
Golden River Developments WA (GRDWA) are now well advanced in their planning process and working with the Town of Victoria Park on the TOD Precinct Development Approval. Once Development Approval is obtained GRDWA will make available the architectural plans for the first stage of their development after which they anticipate commencing pre sales for the TOD Precinct in the second half of 2014.
Your Committee are well advanced in our initial planning process and have reviewed a detailed cost benefit analysis on the optimum way forward with respect to the Grandstand project and race day facilities.
Not surprisingly it has been clearly demonstrated that a new build is by far the most efficient and cost effective way forward and will best deliver a facility that will provide an outcome designed for the 21st century. We anticipate that a detailed plan will be available on our website and member’s notice board on the member’s floor at Ascot for review in the second half of January 2014. We encourage all members to review the plans and provide us with any feedback during this process.
The new build will incorporate a Health and Sports Club which will be fully funded by GRDWA and operated by the Club on completion, in time this becomes the property of Perth Racing to operate in perpetuity for members and residents.
At this point of time it is our intention to commence demolition of the grandstand after the completion of the 2014 Belmont racing season subject to receiving approval for our plans from the Town of Victoria Park.
Members will be provided with an opportunity to keep abreast of developments at our next Members Forum morning tea to be held at Belmont Park Racecourse on Saturday 3rd May.
As part of our commitment to enhance the race day experience for patrons at Ascot we have removed the burger bar to create more open space , added a new marquee to provide additional shade and shelter and launched the new Delicatessen offering barista coffee and fresh sandwiches and rolls. We have also added 90 benches to the member grandstand seating area to increase its usability for all members.
Heading into 2014 I wish each and every one of you a successful and healthy 2014.
Yours Sincerely
Mr E van Heemst
Chairman
This discussion has been closed.
Comments
It's official I give up. This board are the most incompetent group of people god could choose to put in charge of the piggy bank..
Assurance, after assurance, after assurance was given that the best option going forward was to refurbish the grandstand...We have had surveys, engineers and allsorts of experts tell us that the grandstand is secure and fit for refurbishment.....
And now this backflip, after backflip, after backflip....No faith in the ability of these incompetents to know what day tomorrow is and they have been charged with the task of driving us it the future??
I will add that I feel this is the best outcome for racing in WA, for many years to come. But when discussed initially it was stated that the cost of a new grandstand was over $200million... I cant see that having been reduced in the past 2 years.. Or was that a lie as well???
Shame, shame, shame, if they have sold off their last asset and leave the members with a massive debt for years to come.. Or even with no money in the bank for years to come.. That is not the commitment they made to the members in the very recent past..
As stated above ...I give up...all the nah sayers that hate me having an opinion...you win. I'm off and out of here..
scoot dislikes this post.
To refurb it would be a disaster we need a whole new facility for punters at Belmont
RIO, thefalcon, bookielover, Simmo likes this post.
RIO, therealkramer, rustyh, lame, paraletic, Thoroly_Bread, Carlosa, TheFunkster, bookielover, thefalcon, H-BOMBER, [Deleted User] likes this post.
everready likes this post.
its not going to be only a grandstand but a reception centre, swish health club, restaurants etc.
rio, you are talking like it was your own money they are spending and putting members into debt. members??
will they pass the hat around to us? i don't think so....
all those well heeled folk buying units will no doubt become members of PR....that you can rely on.
you have to spend money to progress, you say your company is looking at a 50mio mining investment in a foreign country which i'd guess as being in africa or some tin pot asian or sth american dictatorship where your investment could be wiped out or nationalized at the stroke of a pen...or a few bullets.
puts the grandstand into a fresh perspective, eh?
paraletic likes this post.
TheFunkster, rustyh likes this post.
The directors of GRDWA changed about 12 months ago, so you'd do well to find an updated post June 2013 listing
As for the work stuff Falcon, we bought this one in Malaysia but we have mines in every continent and from memory over 20 different countries.. But the debt to buy that is held by our owners in a family run business, it isn't lampooned by weird legalize that appoints all that debt to the workers in the company.
PR have a all care no responsibility factor that all decisions made by the board are the responsibility of the members. So if the original spray of $200mil for the new grandstand was right - used as justification why it would never happen as recently as late November last year - then that debt will be the burden of members.
Once again I will repeat myself, cos people sometimes don't read everything that is posted
"I will add that I feel this is the best outcome for racing in WA, for many years to come."
Carlosa, RIO likes this post.
BRETT Fogarty, founder of Perth-based engineering contractor GRD, appears to have sold most of his shares in the company for more than $120 million.
The GRD board was meeting last night, leading to speculation Mr Fogarty, a former stockbroker, would soon resign as a director.
In April last year it was announced that Mr Fogarty would step down as GRD chairman and chief executive. He was replaced as chairman by former West Australian premier Richard Court and as chief executive by Cliff Lawrenson.
The role of chairman and chief executive had been split in line with the ASX's corporate governance and best-practice recommendations, the announcement said.
Mr Fogarty would continue as a non-executive director.
At the time of the statement, Mr Court was quoted as saying Mr Fogarty had given GRD a strong presence in the resources and waste management markets.
The board was extremely grateful for his leadership and vision in establishing and growing an internationally resilient company and establishing a strong foundation for growth.
But Mr Fogarty has been selling since November, when he held more than 30 per cent of GRD's scrip.
Yesterday Mr Fogarty's private company Quininup Holdings told the stock exchange it had reduced its holding in GRD from 10.69 per cent, announced in March, to 0.3 per cent, representing around 570,000 shares. The proceeds of the latest sale were recorded as $47 million.
Several institutions have issued substantial shareholder notices in GRD so far this year.
GRD owns the engineering contracting operation GRD Minproc, which reported a $2.5 billion order book last year, and Global Renewables, which operates the Eastern Creek waste-treatment operation in western Sydney as well as being in partnership with Lend Lease in a big British waste project in Lancashire.
RIO, thefalcon, paraletic likes this post.
http://www.proactiveinvestors.com.au/companies/news/2028/amec-to-buy-australian-engineering-group-grd-ltd-for-a106-mln-in-cash-2028.html
When they build the new one it needs to be as close to the track as possible maybe a bit like Moonee Valley so we the public are close to the action.
PuntingTragic, Carlosa, LuckyLongshots likes this post.
A facility that can be used for many applications is awesome
I will be rejoining as a member for sure to see it come to fruition
Chelsea likes this post.
TheFunkster, TheDiva, Nevershowsurprise, Chelsea, PuntingTragic likes this post.