Progress Around Ascot Not Greeted Favourably by Racing Interests
Financial gurus have long advocated real estate as a savvy long-term investment, because in the words of one wealthy land speculator, “They are not making any more of it.”
Some could make the argument that not only is more real estate not being made, but also that which is already in existence is shrinking as ocean levels rise.
It all depends on the time frame you adopt for your perspective.
One thing they are making more of is people. Population growth dictates that large open areas will be developed for housing needs and that if some of those large open areas happen to be currently occupied by thoroughbred racing grounds, the horses have to give way to the people.
So, when news reaches us that Perth Racing sold off land surrounding Ascot racecourse back in 2013, it was simply the latest example of the needs of the many outweighing the needs of the few. A more cynical view would be that the land around Ascot was more profitable if used for something other than the bucolic purpose of seeing whose horse was the fastest.
Think of the rents new residential and commercial development will supply compared to what Ascot is currently contributing. Far more revenue will be generated by multi-family residential development, along with shops and other sundry.
Golden River Developments bought the area that is currently used for stalls, float parking in 2013, and intends to initiate the first stage of its project to transform the area in October.
Investors have at least a few decades to reap some profit from the scheme, as the water will hit Perth to the west well in advance of it getting to Ascot. Some signs that it might be time to sell and move to higher ground will be when Perth Airport becomes Perth Marina, which will happen around the time the Swan River starts to encroach on the Golden River Development at Ascot and the track is converted to a facility dedicated to dolphin racing.