Newbury Racecourse to Be Redeveloped after New Deal
By Community | September 20, 2012
The redevelopment Newbury Racecourse has been secured following the joint venture between Development Agreement with David Wilson Homes (DWH).
The Agreement will see DWH purchase three areas of land at the racecourse known as the Western, therapy Central and Eastern sites on which c.1500 homes are to be constructed over the course of the anticipated 10 year development programme.
As part of the Agreement,DWH is committed to pay a minimum of £42.6 million over the course of the ten year programme with the majority of payments being received in the latter stages of the project
The Racecourse is expected to receive £33 million net of tax and all related costs over the course of the ten year programme and the Racecourse will receive an initial cash payment of £5.1 million The Racecourse also has the potential to receive additional payments in excess of the £33 million through further profit participation depending on the success of the residential development over the duration of the 10 year programme.