Newbury going firm for venue redevelopment

Newbury racecourse has raised £5.7m
to transform the space into a leisure, entertainment and event complex, with the racecourse
as its core asset.

The new capital will be used to
progress a major redevelopment plan made possible by the recent grant of outline
planning permission by West Berkshire Council.

Newbury chairman David Sieff says
the redevelopment will enhance the long-term trading operations of Newbury
Racecourse, as well as having a positive effect on Newbury’s local community and
economy.

The planned redevelopment includes
upgrading the racecourse with enhanced leisure, racing, conference and events
facilities, as well as constructing a hotel, the construction of 1,500
residential units, building a new bridge for access to the racecourse, extensive
landscaping, remodelling the golf course and building a new golf
clubhouse.

“These initiatives are ever more
important given the ongoing uncertainty in both the economy and the racing
industry due to the potential effects of increasing pressures on the Levy and
thus prize money,” says
Sieff.

He adds that 2010 will be characterised by the
development of new business initiatives aimed at broadening the appeal of the
racecourse, as well as on the residential development partnership with
David
Wilson Homes.

Subject to final confirmation of
planning permission, Sieff believes a year of design work will be needed to
prepare the detailed proposals and obtain approval before redevelopment work
commences in 2011.

Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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