An artist’s impression of the proposed Thoroughbred Park redevelopment. The residential component is to the southwest, while a mixed-use commercial building occupies the northeast, next to Exhibition Park. Image: CRC.
A government joint venture with the Canberra Racing Club to develop housing on sections of Thoroughbred Park looks unlikely to get to the starting line after Chief Minister Andrew Barr said it was at the bottom of the government’s priority list.
Greens leader Shane Rattenbury and MLA Andrew Braddock quizzed Mr Barr about the ACT Government’s views on a possible joint venture at Annual Reports hearings on Wednesday (12 February).
Mr Barr poured cold water on the idea, saying no decision had been made on any joint venture and given the level of risk and other priorities, no decision should be expected this parliamentary term.
Mr Rattenbury said it appeared the Racing Club had indicated it needed a joint venture to proceed with its plans to build 3200 homes.
Mr Barr said that while the club might prefer that, this didn’t mean the government would get involved.
Asked what would happen if the government did not participate, Mr Barr said the club would proceed with its major plan amendment, which would be scrutinised in the Legislative Assembly and by a committee that would make a recommendation to the Assembly.
Mr Barr’s statement will disappoint CRC CEO Darren Pearce, who said last November that the Suburban Land Agency was front of mind as a development partner, at least initially.
“I don’t think a small club like ours can go and borrow hundreds of millions of dollars to build stuff on its own,” he said.
“The smarter thing to do would be to partner either with the government’s developer or with private developers to deliver assets, you know, get the experience, build the capital base to look at what we can do ourselves in the long run.”
When Mr Braddock pressed him further, Mr Barr reiterated that no such decision had been taken on a joint venture.
“And given the level of risk and our other priorities, it’s not something that people should expect there would be a government decision and a joint venture occurring in this parliamentary term,” he said.
Mr Rattenbury also asked why the government would not at least look at the base case for government developing the whole site without the racecourse, to find the best option in the public interest for the Territory.
Mr Barr said the government was pursuing other development priorities, principally the former CSIRO site in Belconnen.
“There’s obviously only so much development activity that we can undertake at any point in time, and only so much that the market can absorb and only so much risk we’re prepared to take,” he said.
“We haven’t made a final decision in relation to this, but it would be fair to observe that of all of the development projects, new suburbs and precincts that are of focus in this parliamentary term, this one sits towards the bottom of the list.”
Mr Rattenbury then asked if the government was missing a significant opportunity by refusing to test all scenarios.
Mr Barr replied that in the short term, relative to other opportunities and the relative level of risk, no.
“But what happens in the 2030s and beyond will be a matter for assemblies and governments at that point, but for this period, this is not a priority government project,” he said.
The ACT Greens went to the election with its own plan for a new sustainable suburb to be built on the racecourse land.
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