Stage 1 of the $3.8 billion multi-use redevelopment at Belmont Park is now underway. The new re-development is estimated that more than $10 billion will be injected into the West Australian economy. This news comes seven years after the plan to makeover the raceway was first unveiled to the public.
Property developer Golden Group, the company behind this ambitious venture, has estimated that roughly 25, 000 local jobs will be created over the span of the redevelopment process. The project will see the formation of 1,500 new apartments, 6, 000 square meters of retail space and 20,000 square meters of commercial space on the Belmont Raceway area.
The redevelopment is also set to include a new convention centre, Perth’s largest rooftop garden terrace, bars, restaurants and more overlooking the new racecourse. The first stage of these plans for Belmont Park is expected to be completed in around seven or eight years. Golden Group has voiced that the design for the new development has been modelled off inner-city waterfront developments around the world.
“This redevelopment represents great news for the WA economy, businesses, and local jobs, and demonstrates the economic optimism that is returning to Western Australia,” said local Premier Mark McGowan.
Located adjacent to Perth’s new 60,000 seat Optus Stadium and train station, this has gained interest for the area to become the heart of Perth’s entertainment and sporting precinct.
Mr McGowan said the development worked “on every single level”.
The long-awaited overhaul will see the 50-year-old grandstand demolished and replaced by a four-storey facility. The current Belmont Racecourse site is of significant scale, spanning close to 96 Hectares.
“This is another sign of the West Australian economy improving and turning around,” McGowan welcomed. Golden Group will officially start construction on the project in September 2018.