SAJC announces $350m Morphettville Racecourse redevelopment partners
SAJC partners with Villawood and Hostplus in $350m Morphettville Racecourse redevelopment
ADELAIDE, 27 FEBRUARY 2023: The South Australian Jockey Club has selected national developer Villawood Properties and Australian superannuation giant Hostplus to help deliver a once-in-a generation $350 million vision 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 $350 million 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;
- A supermarket, shops, hospitality outlets, a new SAJC-owned The Junction tavern and, SAJC offices; and
- 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 milestone announcement follows an exhaustive tender process which received 46 registrations of interest. The SAJC board chose the Villawood and Hostplus joint venture from a shortlist of six candidates.
Villawood and Hostplus will transform underutilised trackside land into a vibrant, housing, and commercial precinct for the benefit of the economy, the wider community, and the sustainable future of racing in South Australia.
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.
“For nearly 150 years Morphettville has been an important social, sporting and economic hub for South Australia employing thousands and providing lasting memories for those who have walked through its gates,” he said.
“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.
“We look forward to working with Villawood and Hostplus to make Morphettville even greater.”
SAJC CEO Grant Mayer said Villawood and Hostplus have a track record for success and investing in high-quality projects.
“We are excited to be working with Villawood and Hostplus to deliver a world-class, once-in-a generation vision for the State’s premier racecourse,” he said.
“These companies are leaders in their fields and share our goal for a modern, sustainable, and dynamic Morphettville.
“This long-anticipated redevelopment will enable us to invest back into Morphettville for the benefit of our valued members, the community, the racing industry and the State.”
Villawood Properties recently expanded its presence into South Australia through a multi-billion-dollar portfolio of housing projects. The award-winning developer of 34 years is widely recognised as Australia’s leader in terms of sustainability, innovation, and philanthropy.
Hostplus is one of Australia’s largest super funds, who strengthened its ties to South Australia last year following the merger with Statewide Super. The opportunity for Hostplus to partner with Villawood and the SAJC was secured via its mandate with ISPT who also manages Hostplus’ co-investment in the $2 billion mixed use redevelopment of Victoria’s Moonee Valley Racecourse.
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.”
Hostplus CEO David Elia said: “This is an important project for Hostplus. Firstly, and most importantly, this is a fantastic long-term investment opportunity for our members. 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.”
“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.”
The redevelopment is expected to support up to 700 construction jobs with work expected to start by mid-2024.
Note: The adjoining Magic Millions property, which is owned independently of the SAJC and had been included in a previous concept masterplan, is not part of the agreed masterplan development footprint.
Media: Phil Martin, Michels Warren PR on 0418 817 876/Renato Castello, Michels Warren PR on 0423 064 320
Villawood is a national award-winning property developer and highly-recognised leader in its sector. It is consistently lauded for its creativity and innovation, its contribution to the industry and the community. It is well known for its community focus in all its endeavours and has received more than 20 industry awards across community engagement, master-planning, design, landscaping, environment and lifetime achievement. Villawood sets aside land in its releases for care workers such as nurses, police, paramedics, firefighters, teachers and personal carers. It also provides them a saving. Villawood donates more than $2.7 million a year to community groups, including the land for charity house/land auctions for the Royal Children’s Hospital Good Friday Appeal in Melbourne and Brisbane’s Mater Little Miracles. Villawood gives an equal block of bushland to national forest for every residential block it sells, and has developed Australia’s most water and energy-sustainable community, Aquarevo, in Melbourne.
Hostplus is one of the largest industry super funds in Australia with 1.6 million members, more than 280,000 contributing employers and more than $95 billion in funds under management. Hostplus continues to evolve and grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries.