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Perth Racing announce Belmont grandstand to be demolished

West Australian Racing

Comments

  • paraleticparaletic    3,750 posts
    the sooner we realise that nothing is going to happen the better we will all feel......... #moveon
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  • RIORIO    14,902 posts
    paraletic said:

    the sooner we realise that nothing is going to happen the better we will all feel......... #moveon

    It appears to have got to that para. As a member we have seen another asset sold and still provided very little benefit for the members! Don't know about that tag stuff, but agree with the sentiment..... Just move on
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  • DamienWyerDamienWyer    7,982 posts
    They don't own the land anymore. Golden River would be the seller.
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  • paraleticparaletic    3,750 posts
    They own the track

    RIO likes this post.

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  • thefalconthefalcon    20,474 posts
    the whole thing is a complete catastrophe.....its almost criminal what has gone on.
    has anybody googled golden river...not the most compatible partner.
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  • DamienWyerDamienWyer    7,982 posts
    paraletic said:

    They own the track

    So what plan would the Govt have for it ? They are in the process of selling assets, not acquiring them.

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  • paraleticparaletic    3,750 posts
    Did i say they had a plan for it? Just stating a fact.
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  • wedgewedge    269 posts
    the falcon said:

    the whole thing is a complete catastrophe.....its almost criminal what has gone on.
    has anybody googled golden river...not the most compatible partner.

    said it before and will say it again - sydney market has run almost 50% since this development begun. should thst scinario be here then they would have sold all off the plan by now and half way thru development.

    not saying that its been perfect execution (or preferred choice of buiness partners) by the lads but local economy has a big fat part to play

    hmm from memory most development companies walked from this one, GRD singed last minute. beggars cant be choosers

    thefalcon, RIO likes this post.

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  • paraleticparaletic    3,750 posts
    article in today WA business news
    https://www.businessnews.com.au/article/Belmont-Park-progress-apartments-at-Springs

    Unfortunately you have to sign up to view the article, it is free tho.
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  • LeglessLegless    5,108 posts
    edited August 2015
    An article from the same rag dated 5th June can be read at

    http://www.skyscrapercity.com/showthread.php?t=154527&page=47
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  • LeglessLegless    5,108 posts
    You can also read today's article at the above link

    part of it -

    The Town of Victoria Park today officially adopted the detailed area plan for precinct D at Belmont Park, which is an area in close proximity to the new Stadium Station, which recently kicked off construction, at the south-eastern corner of the racecourse.

    Developer Golden Group will now be able to lodge applications to develop the area, with the land proposed to include between 977 and 1,500 apartments, 20,000 square metres of office space, 3,800sqm of retail space, a hotel and public open space.

    Golden Group’s plan at precinct D has an end value of more than $1 billion.

    Earlier this year, Business News reported that Golden Group had been working closely with the Town of Victoria Park and its architects, Hassell, to create a statement building for the first phase of development, while also closely integrating hospitality and retail elements.

    Town of Victoria Park chief executive Anthony Vuleta said the next stage would be subdivision planning, which would create individual development sites, which would then allow development applications to be lodged.

    Mr Vuleta said the first application, for a $200 million development, is expected to be lodged very soon.
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  • LuckyLongshotsLuckyLongshots    4,270 posts
    Probably the most positive sign of the plan going forward so far!
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  • scootscoot    61 posts
    Let's get punta to put some odds up for the development not going abead?
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  • paraleticparaletic    3,750 posts
    edited August 2015
    Yeah good on GG for moving ahead. This would have to be majority funded by their synd partners as im not sure any bank would look upon this favorably. (This development, this size, this area, this market)
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  • DamienWyerDamienWyer    7,982 posts
    Are you sure ?
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  • LeglessLegless    5,108 posts
    :-? So it seems GR are moving forward - but what about the grandstand?
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  • DamienWyerDamienWyer    7,982 posts
    This news is not new. In fact it is almost three months out of date.

    What is the market on the 2015 Magic Millions Yearling Sale being held at Belmont ?
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  • goosegoose    1,638 posts
    Can some one confirm that Perth Racing will receive $10000 per unit sold is that the deal?
    So eventually 10 million over the next 10-20 years does that seem a good deal? better than taking on the risk yourself is how I see it.
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  • scootscoot    61 posts
    I think it's more like cash and property to the value of 200 million plus.
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  • thefalconthefalcon    20,474 posts
    why so secretive about it?
    this whole project has been cloak and dagger stuff....a riddle wrapped in an enigma.
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  • goosegoose    1,638 posts
    Sorry I meant as a bonus on top but yes what is the deal? when do they get the money?
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  • DamienWyerDamienWyer    7,982 posts
    goose said:

    Sorry I meant as a bonus on top but yes what is the deal? when do they get the money?

    Isn't it trailing commission ? that would follow settlement on a sale.

    So I will go with the next cheque arriving in 5 years, give or take 5 years again.

    But what happens if the developer sells the land to another party ? Perth Racing would be chopped off at the knee's. If Golden River decide that they can't get this project off the ground, and they wish to bail out by selling, the next owner of the land is under no obligation to do anything with Perth Racing, as they no longer own title.

    thefalcon likes this post.

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  • paraleticparaletic    3,750 posts
    Im sure there will be a covenant registered on the title for that. If not, well, thats poor management of the project.
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  • LeglessLegless    5,108 posts
    edited August 2015
    Damien Wyer said:

    goose said:

    Sorry I meant as a bonus on top but yes what is the deal? when do they get the money?

    Isn't it trailing commission ? that would follow settlement on a sale.

    So I will go with the next cheque arriving in 5 years, give or take 5 years again.

    .
    Not a bad income stream when it does arrive - whether that be in 5 ,10 or 15 years.

    And they will still own the land that the track and grandstand is on - smack in the middle of what promises to be a thriving and alive development right on the shore of the river.

    What will the parcel of land they still own be worth then?

    BUT!!! - what is happening with the grandstand??
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  • scootscoot    61 posts
    I hope PR don't go bankrupt before they see any more money. They could still lose a lot of money in 5 years going on past deals they have done. The track and grandstand are still owned by PR too.
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  • DamienWyerDamienWyer    7,982 posts
    Scoot, just be careful in using that one particular word. Perth Racing sued me for writing a story on here and it cost them a reasonable amount of the Members funds to fight me over it. They dropped the charges eventually.

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  • DamienWyerDamienWyer    7,982 posts
    http://www.watoday.com.au/wa-news/transforming-perth-barnetts-waterbank-dream-edges-closer-to-reality-20150915-gjmvrm.html

    More competing developments
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  • H-BOMBERH-BOMBER    10,567 posts
    Looks as though GP has turned into a sportsground?
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  • TheDivaTheDiva    13,248 posts
    thats not GP, its trinity sports ground.
    GP a bit further around.
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  • H-BOMBERH-BOMBER    10,567 posts
    hahaha no worries, makes sense
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This discussion has been closed.