The Brisbane Racing Club (BRC) is halfway through its ambitious $1.5 billion master plan aimed at securing its long-term future by developing excess land and diversifying revenue streams.
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The project, launched in 2012, seeks to preserve the club’s racing heritage while generating new income through real estate and commercial ventures.
BRC was formed in 2009 following the merger of the Queensland Turf Club and Brisbane Turf Club, two historically rival organisations that were land-rich but financially struggling. The merger was essential for survival, as revenue from race meetings increasingly flowed to the government rather than the clubs.
New chairman Richard Morrison emphasised the club’s continued commitment to thoroughbred racing, stating that they host about 80 races annually, including Queensland’s prestigious Star Stradbroke Handicap. He also highlighted the importance of maximizing underutilised land for sustainable growth, noting that while core racing areas would remain untouched, other sections of real estate could be repurposed.
Over the past decade, BRC has successfully completed major developments, including the $50 million Eagle Farm Infield Stabling and Training Facilities, two Ascot Green residential towers, Racecourse Village Shopping Centre, and Bernborough Ascot Retirement Living. The club has also expanded into licensed venues, revitalizing Gallopers Sports Club at Ascot, Souths Sports Club at Acacia Ridge, and The Gibson at Stafford.
This year, the third residential tower at Ascot Green, Charlton House, is set for completion, with five more buildings planned. Despite these achievements, challenges remain, particularly regarding aging infrastructure at Eagle Farm. The Dr John Power Stand, built in 1958, is set to be condemned in August 2026, while the heritage-listed St Ledger Stand remains unsafe for patrons. Restoring these facilities would require significant investment, with an estimated $130 million needed for upgrades.
BRC chief executive Karl deKroo acknowledged the financial hurdles ahead and emphasised the need for government support. He explained that the club is working closely with Racing Queensland and the new government to explore viable solutions. One potential opportunity includes utilizing Doomben’s infield for Olympic equestrian events.
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Despite financial pressures, BRC remains in a stronger position than some other major Australian racing clubs, such as the Victoria Racing Club and the Australian Turf Club, both of which reported losses last financial year. With ongoing developments and strategic planning, the club aims to sustain its status as a premier metropolitan racing venue while securing a stable financial future.
Published 15-February-2025
