The R1.8 billion turnover generating racing operator Gold Circle has made a major investment towards developing a world-class training and racing facility in South Africa .
The new development, to be located on a newly acquired farm alongside the R27 highway on the Cape West Coast , 55 km from Milnerton, is expected to be completed within three to four years.
The property has an abundant water supply, good soil composition and is very suitable for the stabling and training of horses. It has sea views and is located only 1,5km from the shoreline, making training on the beach sand a possibility. The location also falls well outside the nuclear fall–out zone of the Koeberg Power Station.
The property is currently being used to farm cattle and sheep, and for cultivating oats and hay.
“It has all the necessary attributes to become the World Class facility that the Western Cape Racing industry deserves,'' says Gold Circle's Chief Executive Officer, Michel Nairac.
In a letter to members, Gold Circle 's Western Cape Chapter Chairman, Ashraf Mohamed said he was proud to share the “fantastic news” about the purchase of the “magnificent property”.
He said: “This ideal property was acquired for a bargain price and has passed all our due diligence examinations with flying colours. All stakeholders and role players in the province wholeheartedly support this acquisition, which represents Gold Circle 's best investment so far.”
Stakeholders in the Western Cape have expressed overwhelming support for the regional Asset Strategy proposed earlier this year. This involves retaining Kenilworth as the company's flagship racecourse in the Western Cape and consolidating the training and racing activities currently conducted at Milnerton, Philippi and Durbanville into the new Racing and Training Centre on the West Coast. The development project on the property will be funded by the capital proceeds of the disposal of Gold Circle 's Milnerton, Philippi and Durbanville assets.
During the past six months, Chapter Boards in the Western Cape and KwaZulu-Natal have continued an extended consultation process with Stakeholders in the respective regions to further define the assets required for racing in the future, and to utilize Gold Circle 's existing assets more efficiently. Once the process is complete, the strategies for the regions will be brought to Members for their approval during the first quarter of 2007.
The new facility is expected to at least match the standard of leading training and racing centres in the world, allowing South Africa to entrench its position as a player with growing influence on the global horseracing stage.