Dargaville Racecourse sold for less than a third of GV (buzz - WRONG!)

[Chief Stipe]

https://www.nzherald.co.nz/nz/dargaville-racecourse-sells-for-less-than-a-third-of-government-valuation/SVFU5LPVMWINW2ZH3WBEM2US7E/

 

A century of Northland horse racing history has ended with the sale of the Dargaville Racecourse for less than a third of its Government valuation. https://bitofayarn.com

The Dargaville Racing Club property had a current Government valuation of $5.45 million but was sold at auction in Whangārei on September 24 for just under $1.7m.

Dargaville Racing Club president Tim Antonio acknowledged there was a difference between the valuation and the price fetched at the auction – which was held in Whangārei on Wednesday.

But Antonio said the club was pleased with the sale and that the property had fetched a realistic price on the day.

The 46.7ha property, 4km east of Dargaville, was purchased by a northern Wairoa-based buyer, who does not want to be named. https://bitofayarn.com

Bayleys associate director Henry Napier said there had been good interest in the auction, with three competing bidders.

Antonio said the club had no idea of the purchaser’s future plans for the property. https://bitofayarn.com

Previous efforts to develop the site included a $400m mixed residential, neighbourhood centre, open space and light industrial development.

Almost a million dollars of Government cash was spent to get the site ready for sale.

Te Rūnanga o Ngāti Whātua was among those to have shown interest in the property, but nothing came to fruition.

Antonio said the club decided in July to put the racecourse up for sale by auction, advertised as must-be-sold.

He said the club was pleased the property had been sold, so the sale money locked up in the asset could be released to the people of northern Wairoa.

The Dargaville racecourse property purchased by a northern Wairoa buyer. Photo / Bayleys

The six-year effort to sell the property came after the club won its fight with New Zealand Thoroughbred Racing (NZTR) to keep ownership. https://bitofayarn.com

A 2018 report commissioned by then Racing Minister Winston Peters identified it for sale among 20 tracks that should be sold, with proceeds going to NZTR.

“It has been a long and bureaucratic process getting this far, but we are pleased we have finally got the stage where the community will see some tangible benefit,” Antonio said. https://bitofayarn.com

Proceeds from the property sale would first be used for repaying debt to Te Runanga o Ngāti Whātua, Antonio and racing club member and development promoter Richard Alspach and paying property sale commission.

Antonio said the balance, which he hoped would be more than $1m, would be going to a new Dargaville Racing Club Legacy Fund. This will be administered by the Northland Community Foundation, a Whangārei-based philanthropic organisation.

Dargaville Racing Club president Tim Antonio (left) and wife Rosemary Antonio at Kaipara’s recent Te Waihekeora reservoir opening. Photo / Susan Botting

Northern Wairoa community groups including sporting and cultural clubs, social infrastructure and marae will be able to apply for funding.

 

Applicants must be in western Kaipara, across an area roughly bounded by from between Tangiteroria to Ruawai in the east, Kaihu in the north and Pouto in the south.

Thousands of people and hundreds of racehorses have been part of race days across more than 160 race meets held continually since then, except for the seven years of WWII.

Discover more

• Land planned for multimillion-dollar Kaipara development ...
• Neighbours want $450m Dargaville racecourse proposal ...
• From horses to houses: Planned $400m Dargaville development ...

In 1985, the racecourse became the venue for the beginnings of the Northland Agricultural Field Days, which continued there for 21 years, before heading down the road to the current Awakino Point East Rd site in 2006.

Rugby was played in the centre of the racecourse in winter and there has been a pony club on site for some years.

The racecourse is currently used for grazing sheep.

 

 

[Chief Stipe]

Introduction

PPC81 seeks to rezone 47ha (approximately) of land. The area of PPC81 is situated at the corner of State Highway 14 and Awakino Point North Road, Dargaville and comprising of Part Lot 37 DP 7811 (NA 692/361) (46.6729ha) and Part Lot 37 DP27168 (NA689/300) (4,047m2).https://bitofayarn.com

PPC81 seeks to rezone the current rural zone of the site to a mixture of residential, light industrial, neighbourhood centre and open space. Under the guidance of the National Planning Standard, the subject site is proposed to be a Development Area. 

It was lodged as a private plan change by Dargaville Racecourse Inc. on 21 February 2022.

PPC81 seeks the following changes to the District Plan:https://bitofayarn.com

a new chapter is added with the 'working title' of Trifecta Development area

Development Area objectives, policies, rules and information requirements for the different areas

ODP Map 10 amended to reference the Development Area chapter

Development Area Plan (Map 10A) showing the spatial extent of the different areas, the Hauora Hub, and indicative layout for the roading and in the Blue Green Network.https://bitofayarn.com

No other changes to the District Plan are proposed. 

Current status

This application has been resolved through Court mediation and has been approved by Council, becoming operative on 24 September 2024.

[Special Agent]

What do you think other clubs around the country have been trying to tell NZTR and the rest of the dopes in racing?  What some think racecourses are worth are way off.

All Winston Peters and racing admin have done is cause angst within communities and cost clubs money fighting a cause that never needed to be fought.

Bring in as many foreigners as you like.  You will never know more than the locals.

[Huey]

I can see a future where we are selling assets to pay for the incompetents bought in from overseas.

[Chief Stipe]

46 minutes ago, Special Agent said:

What do you think other clubs around the country have been trying to tell NZTR and the rest of the dopes in racing?  What some think racecourses are worth are way off.

I wouldn't use Dargaville as a very good example of real estate values.  Have you been their lately?

[Chief Stipe]

51 minutes ago, Special Agent said:

Bring in as many foreigners as you like.  You will never know more than the locals.

Know more about what?  Land values or wagering?  Land values or track maintenance?  If the latter I would say the locals don't have a very good track record.

[hesi]

27 minutes ago, Chief Stipe said:

I wouldn't use Dargaville as a very good example of real estate values.  Have you been their lately?

Kumaras are pretty good

[Chief Stipe]

20 minutes ago, hesi said:

Kumaras are pretty good

True but hardly a destination.  Bit like Kaikohe - generally you pass through on the way to somewhere else.  As for a horse training and racing location its future disappeared a long time ago.  

[Special Agent]

56 minutes ago, Chief Stipe said:

Know more about what?  Land values or wagering?  Land values or track maintenance?  If the latter I would say the locals don't have a very good track record.

Land value.  NZTR love to tack a few zero's on the end of any registered valuation.

[Special Agent]

58 minutes ago, Chief Stipe said:

I wouldn't use Dargaville as a very good example of real estate values.  Have you been their lately?

It is all relative.  Outsiders do not know the lay of the land, any pitfalls.

[Chief Stipe]

1 minute ago, Special Agent said:

Land value.  NZTR love to tack a few zero's on the end of any registered valuation.

Where have they done that?  I realise you have a beef with Racing Administration but why make things up?

[Chief Stipe]

1 minute ago, Special Agent said:

It is all relative.  Outsiders do not know the lay of the land, any pitfalls.

For example?

[Special Agent]

1 minute ago, Chief Stipe said:

For example?

Not arguing with you Chief and not prepared to give examples.  I don't know who you converse with in racing but, obviously a very different group to those I continue to chew the fat with.  There are some very learned racing people out there but, they are possibly not flavour of the month in many current circles.

Takanini was sold with many promises not honoured.  How's that state of the art facility looking at Prices Road?  Do you think recent ideas are going to be any different?

[hesi]

20 minutes ago, Chief Stipe said:

True but hardly a destination.  Bit like Kaikohe - generally you pass through on the way to somewhere else.  As for a horse training and racing location its future disappeared a long time ago.  

You would only pass through Dargaville on the way to the Hokianga.

Bayly's Beach, huge toheroas as well, but then they closed the season indefinitely

[Chief Stipe]

38 minutes ago, Special Agent said:

There are some very learned racing people out there but, they are possibly not flavour of the month in many current circles.

The same "learned people" that let our tracks get into the state they are in and are now blaming everyone else?

[Chief Stipe]

39 minutes ago, Special Agent said:

How's that state of the art facility looking at Prices Road?  Do you think recent ideas are going to be any different?

So what are YOU going to do to ensure that things do change?

[Chief Stipe]

Actually it looks like the Rateable Value for the Dargaville Racecourse is only just over $700k.

[hesi]

I see your 'mate' Birdcage Bill having a bit of trouble grasping that.

I see also the infamous in his own lunchtime, Michael Hawke, has moved on to giving CW a bit of stick for some of the garbage he posts on his FB site.

He is deluded to think that many of those famous quotes from very deep-thinking people, actually refer to him and his codswallop............... baaaaaaaaaaaaaaa