Unique chance to invest in Australia’s newest motorsport precinct
Published on 24 August 2018
Mildura Rural City Council is embarking on a fresh nation-wide push to seek private investment in the Mildura Motorsports and Community Precinct (MMCP).
One of the Mildura Future Ready suite of projects, the first stage of the MMCP will include a three-kilometre bitumen race circuit, multi-use skid pan, pits, control tower and office facilities among a raft of services and infrastructure.
As outlined in the comprehensive Business Case for the project, a combination of private and government funding is required to complete the $22 million first stage of the precinct, which will be based on a 557-hectare plot of land known as Block H at Koorlong.
A formal expression of interest (EOI) process opened today seeking funding from individuals, groups or businesses keen to invest in this exciting initiative.
Varying amounts and investment models will be considered and Council is flexible and open to a broad range of business and partnership options to deliver this exciting project.
Business Case economic modelling estimates an operating revenue in excess of $23 million, and an operating surplus of nearly $8 million over 30 years (at net present value). On top of this the project could generate 324 jobs and $162 million benefit over 30 years to the regional economy.
It’s envisaged the facility will be in use year-round, including by the numerous car and motorcycle clubs across the country as well as potential for car manufacturers to conduct testing.
EOIs will be taken until 21 September, after which they will be evaluated and potential investors contacted for more detailed proposals.
Mildura Mayor Mark Eckel encouraged investors to come forward.
“This really is an exciting business and investment opportunity, even if groups or businesses don’t have links or an interest in motorsport,” Cr Eckel.
“The exhaustive research that has gone into the Business Case and Investment Prospectus, both of which have the support of Australian motorsport’s peak body, the Confederation of Australian Motor Sport, speaks for itself and the figures stack up.
“This exciting, high-profile precinct will also have a significant and lasting impact on our region for decades to come, serving as a significant driver for tourism, jobs and industry, which will ultimately provide a major social and economic boost for our municipality.”
EOI documentation, as well as the MMCP Business Case and Investment Prospectus are available online at www.mildura.vic.gov.au/motorsports.
For more information contact Kate Henschke on (03) 5018 8100.
Media enquiries
Ben Piscioneri
p) (03) 5018 8689
e) ben.piscioneri@mildura.vic.gov.au