Last week BayBuzz reported that the Hastings Racetrack would be re-located to a 44.5 hectare Portsmouth Road site in Flaxmere, with its present location to be converted into housing.

This week, the Government announced a $20 million loan to the racecourse project from the Regional Infrastructure Fund, which will augment $57 million in co-funding from Hawke’s Bay Racing Incorporated and New Zealand Thoroughbred Racing Incorporated.

Racing Minister Winston Peters commented: “The new venue will be a state-of-the-art hub for racing, equestrian sport, and community events. Its modern racetrack will be capable of accommodating up to double the race meetings held previously.” The new site will also serve as a civil defence centre in the event of a natural disaster, providing a safe and resilient space for the Flaxmere community.

Peters said the thoroughbred racing industry contributed $37 million annually to the Hawke’s Bay and Gisborne economy.”

TW Property Chief Executive Terry May said the company is proud to be the development partner for the project. 

“This funding announcement represents an important step forward for a project that has the potential to deliver nationally significant infrastructure while supporting regional growth,” Mr May said. “While the project remains subject to council approvals and statutory planning processes, we are optimistic about the opportunity ahead.”

The project forms part of TW Property’s wider, long-term investment in Flaxmere. This includes the development of the new Woolworths supermarket, the Flaxmere Village Shopping Centre and new affordable housing.

Hastings District Council reacted: “Today’s announcement that Government funding will help pay for a new metropolitan-standard racecourse in Flaxmere opens up significant opportunities for housing, employment and long-term growth for Flaxmere, Hastings and wider Hawke’s Bay.

“The next steps for the project will be the processing of a Plan Change application for the new racecourse and, subject to the outcome of that, Resource Consent applications to Hastings District Council and Hawke’s Bay Regional Council.”

Referring to the current racecourse site, the Government announcement says the relocation will free up land for “more than 600 new houses”.

As for that location, a TW Group spokesperson commented: “The focus will be on high-quality housing, including a retirement village. At this stage, there are no plans to begin development at this site for several years.”