Bound by Henry Street, Racecourse Road and Railway Avenue, the outgoing site will be rezoned to Comprehensive Development Zone, allowing for medium density housing, and a mixed use area with offices and retail, probably a major shopping centre.
An education and/or health facility can also be developed into any new project, according to selling agents CB Richard Ellis.
Sources speculate the redeveloped site could have an end value of more than $500 million, and may require Master Planned Community status, in any application to council.
They also speculate land values for a central activity district site like Pakenham Racecourse could fetch around $2 million a hectare meaning the site could sell for more than $50 million.
Elsewhere in Melbourne, racecourses abutting the Moonee Ponds central activity district, and Caulfield, have become earmarked for redevelopment.
Cranbourne, Springvale and Werribee are other suburbs where race tracks are close to the suburb town centres, and as such – where, like golf courses, relocation (and redevelopment) might become an option down the track.