Melbourne Racing Club, school seal $195m land deal
The Melbourne Racing Club has quietly struck an agreement to sell a seven hectare parcel, part of the Caulfield Racecourse, to Mount Scopus Memorial College which will consolidate three campuses there.
In the works all year, the deal is worth $195 million.
Settlement could occur in 18-24 months.
The move paves the way for Deakin University to acquire Mount Scopus’ c10.6ha Burwood campus to expand – an agreement pencilled over five years ago when the school was said to be considering a relocation to the Caulfield Hospital site, owned by Alfred Health.
Mount Scopus opened the Burwood facility in 1949.
Its other colleges are in St Kilda East and Caulfield South.
Deakin University Burwood, incorporating the ex-Burwood Teachers’ College, spreads c26ha.
Mount Scopus Caulfield campus
The affected MRC land, known in planning circles as the Caulfield West precinct, is uber-long, running from Station St to Glen Eira College, along Kambrook and Booran roads, near Glen Huntly Park.
It contains stables and associated buildings, empty since 2021.
It also includes the historic Lord Lodge which Mount Scopus will fit out as a childcare centre (story continues below).
Until recently, the block was mooted as a possible training base and office headquarters for the Melbourne Football Club, replacing Casey Fields, in Cranbourne East.
Caulfield is 10 kilometres south east of Melbourne’s CBD.
MRC to repay debt
Backed by the state government, the Mount Scopus sale is subject to some MRC approvals.
The vendor will use proceeds to repay a c$165m debt – largely incurred following the master-plan development of an office, inside track, mounting yard and associated infrastructure, at Caulfield Racecourse.
It also intends to relocate the mounting yard to the front of the grandstand and winning post.
A new grandstand however – the centrepiece of the c$300m racetrack redevelopment – is off the table.
With the financial security, the MRC is likely to retain racing at Sandown.
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