News

Inglis Takes an Option on the Future

31st Aug 2009

Inglis Managing Director Mark Webster today confirmed that the company has entered into an agreement with the Australian Jockey Club to acquire 9.5 hectares (23.75 acres) of land at Warwick Farm Racecourse.

“The decision to acquire land at Warwick Farm provides Inglis with an option for the future, should it be necessary to relocate from Randwick in order to grow the business or comply with changes to planning regulations as Randwick develops as an education and healthcare precinct. It’s important to clarify that Newmarket has not yet been put up for sale nor has a decision been made to relocate within any particular timeframe. The Board has been reviewing options for a considerable period of time and has now decided to acquire a parcel of land more than double the size of Newmarket in a strategically important equine friendly location. The AJC Board’s vision for the future of Warwick Farm was also important in making our decision, and I congratulate them for committing to invest more than $25 million to revamp and revitalise the Farm’s training and race day facilities,” said Mark Webster.

After an exhaustive review, it was determined that Warwick Farm was the most ideal relocation option. It is the only thoroughbred racing and training precinct in the Sydney metropolitan area with enough land available to accommodate a world class thoroughbred sales complex. Located adjacent to the Georges River, Warwick Farm Racecourse is only 25kms from the Sydney CBD and 20kms from Sydney International Airport. The site offers tremendous access from the Hunter Valley, Hawkesbury region and Southern NSW via the Sydney road network while removing the need to travel through the CBD.

The Farm is one of four metropolitan racecourses in Sydney and a major training precinct, servicing 44 resident trainers and at least 800 racehorses. It is home to many leading trainers and stables, including Australia's two largest individually owned racing operations; Darley's Crown Lodge and Nathan Tinkler's Patinack Farm. As a major thoroughbred community, the site is well serviced by veterinarians, farriers, feed merchants, transport operators and other equine suppliers.

"Although no timeframe has been set for relocation, we have undertaken extensive modelling of the site to ensure it meets our future needs. In addition to the acreage being acquired, Inglis and the AJC have agreed to develop and share use of a new carpark, capable of housing at least 1000 vehicles which is five times the current capacity at Newmarket. The site is also big enough to accommodate 1000 stables, 400 more than Newmarket. We envisage equipping each stable block with permanent hospitality suites for vendors to entertain their clients, thus negating the need for breeders to erect expensive marquees. We also plan to incorporate some staff accommodation into the new complex, for use by vendors during sales. We expect the main sale ring will be fully enclosed with a range of dining facilities, bars and private meeting rooms for major buyers and vendors to do business. There will be plenty of open green space and significantly more parade areas than any existing sales complex. It will also be possible to service the complex with a ring road for vehicles, including resort style electric club cars for the convenience of major clients. Concept planning is a work in progress and we will have plenty of time to share designs and ideas with clients, incorporating their suggestions over the next few years," commented Mark Webster.

Inglis has relocated operations throughout its history, commencing with the move from the horse bazaar at 244 Pitt Street in the Sydney CBD to the 4 acre site at Camperdown, whilst also initially leasing the Newmarket premises in Randwick before its purchase in 1917. The Bloodstock sales complex at Oaklands in Melbourne was acquired in 1994 after that operation had itself outgrown its previous location at Ascotvale.

“It’s worth noting that other major thoroughbred sales companies have followed this path successfully in the past. Tattersalls relocation from London to Newmarket and the move from Wellington to Karaka in New Zealand are both good examples. The Tattersalls complex in Newmarket is more than 100kms from London and 150kms from Heathrow Airport, whilst Karaka is more than 30kms from Auckland. Noting Warwick Farm is only 25kms from the CBD our clients will still enjoy Sydney’s nightlife, hotels, restaurants and beaches whilst having access to superior facilities for selecting and buying racehorses. The acquisition of a larger parcel of land provides for the continued growth of our company in the future to satisfy an increasing appetite for Australian racehorses from international markets.”

Media Contact: Mark Webster +61 2 9399 7999 or mark@inglis.com.au