Hostplus-Hamton to deliver $2b lifestyle precinct with MVRC
Leading superannuation fund Hostplus and highly acclaimed property developer Hamton, today announced a $2 billion joint-venture to redevelop the Moonee Valley Racecourse in partnership with Moonee Valley Racing Club (MVRC) into a dynamic urban lifestyle precinct, at the heart of which lies one of the world's greatest night racing venues.
Appointed by MVRC after a 12-month competitive selection process, the Hostplus-Hamton joint venture is unparalleled in its alignment with the Club. As the industry super fund for hospitality, tourism, recreation and sport, in 2018 Hostplus celebrates a 30-year relationship with MVRC and is the proud trustee for the retirement savings of the near 400 MVRC employees and more than 7600 City of Moonee Valley residents.
Hostplus CEO David Elia said the fund's investment in the redevelopment is a natural fit with the sectors Hostplus serves.
"Today we are excited to announce our involvement in securing MVRC's future, alongside the creation of many new jobs and economic growth for the sectors we proudly serve. We are delighted to partner with Hamton, with whom we have a strong track record as joint venture partners, via ISPT spanning more than a decade.
The redevelopment will see MVRC cement its position as one of the world's premier racing clubs and will reinvigorate The Valley as an iconic Melbourne destination of the 21st century. This investment will also complement our diversified portfolio and deliver strong risk-adjusted returns to members over the long-term."
Around nine hectares of the 40-hectare site owned by MVRC will be available for development by Hostplus-Hamton. Payments by Hostplus-Hamton to MVRC will facilitate the construction of the Club's new grandstand and racetrack.
"The redevelopment of the entire site will be considered as one integrated precinct. One that is a great place to live, work and visit, with new public parks and facilities, destinational food and beverage, complementary retail, innovative workspaces and world class residential homes. Our aim is to deliver an enduring legacy of which we can all be proud.
Now that our appointment has been formalised, the proposed development masterplan will be refined over the coming 12 months before we can release further details. Part of the masterplan refinement over the coming months will include engagement with key stakeholders, including the community, to learn more about local priorities for Moonee Valley."
The investment by Hostplus in the joint venture with Hamton will be managed by ISPT pursuant to a direct mandate. ISPT coordinated the coming-together of the two joint venture partners and was heavily involved in the competitive selection process on behalf of Hostplus.
The nine hectare development site has already been rezoned by MVRC to a combination of Activity Centre Zone and Mixed Use Zone. The permit for the first stage is expected to be lodged early in 2018.
The site is 6km from Melbourne's CBD and a short walk from Moonee Ponds rail station.
Hamton is a privately-owned property developer, specialising in high quality residential development in the inner and middle ring suburbs of Melbourne. With around $1.2 billion of completed projects over the last 12 years, Hamton has won numerous industry awards, most recently in 2016, the National UDIA Award for High Density Housing and the President's Award for best project across all categories. Hamton has a long and successful track record of partnering its developments with industry superannuation funds.
ISPT is committed to creating growth for people and places through property. For over 20 years our properties have been meaningful places for the retailers, companies, government departments and communities that use them. We generate returns for our Investors, which are some of Australia's largest industry superannuation funds, and ultimately the more than 50% of Australian workers who have their retirement savings invested through us. ISPT's $14+ billion portfolio invests and develops commercial, retail, industrial and residential property in Australia