Field of dreams: Racing Victoria has time to unlock Oaklands potential
A changed Melbourne racing infrastructure landscape, since RV paid $25.3m in late 2022 for the green wedge-zoned land, has afforded the regulator options.
The 400-hectare site, close to Melbourne Airport, was bought to potentially build an equine super-centre, including racecourse and training complex.
The future of Sandown Racecourse was uncertain at the time, while a second track at Caulfield was yet to be developed.
The Valley redevelopment is also set to start this year.
The green field, bound by Oaklands, Craigieburn and Mickleham roads, is three times the size of Flemington Racecourse precinct and six-times Rosehill Gardens in Sydney.
Residential estates and developments have crept closer to RV's prized parcel of land, which is also inside a proposed State Government outer ring road project.
RV chief executive Aaron Morrison has sought internal and external expert advice on the North-West Land 'looking for the best option'.
'What is the best and greatest use of that site?' Morrison said.
'Unless there is a very specific reason why that patch of grass would make the best training facility, it may be we're better off holding and looking at our other options.'
Morrison confirmed a new racecourse development at Oaklands was 'unlikely'.
'We're constantly looking at what's the right footprint,' Morrison said.
'Operating footprint from a racing perspective, a training perspective … we now look at it and go 'we don't need another racetrack really?'
'It's unlikely we're going to develop anything for racing … perhaps we may need it for training.
'The most obvious consideration is training and opportunity to build a whole equine ecosystem around it (vet centre, equine industry education).
'Right now, we don't have an absolute pressing need for it.'
Major centres Southside (Cranbourne and Pakenham), Flemington, Ballarat and Mornington currently host the majority of Melbourne racing stables.
Flemington, the only training centre left in the heart of Melbourne following the closure of the Caulfield complex, has lease agreements in place to 2030.
'We're accommodating training across the state pretty well and we're starting to really look at (Oaklands) and say, well, is it the best use of industry funds to spend $100m-$120m developing a greenfield site?' Morrison said.
'Do we need it (new training centre) at the moment? Not, not at the moment.
'While Flemington retains training on their site, we don't have a burning need to go and redevelop (Oaklands) just yet.'
• Brad Waters' best bets, race-by-race analysis for Flemington on Saturday
Morrison said investment in existing training centres could be more beneficial to the industry.
'The good news is that asset has got a lot of value,' Morrison said.
'Certainly worth far more than when we bought it and with any reasonable rezoning it is worth quite a lot more.
'For now … might be its best value to the industry, sitting on an asset worth quite a lot of value.
'We bought it for $25m, right now, undeveloped, it'd be at least double that.
'Maybe more and then depending on rezoning, the potential is a lot more.'
'We were the common enemy'
In September last year, @RacingVictoria CEO Aaron Morrison walked into a furnace of agitated stakeholders in the boardroom at Epsom Rd. Today, he reveals to @gilbertgardiner how the industry got back on track. ðŸ'‡ https://t.co/o5Zuvn5snF pic.twitter.com/zkIl9nuNsI
— Racenet (@RacenetTweets) July 30, 2025
A future fund nest egg of about $65m and valuable media assets underpin 'the strength of the Victorian industry'.
'We're not here to make profit for profit's sake,' Morrison said.
'Everything we do is to be reinvested back into supporting, sustaining and growing the racing industry and all the participants involved in it.'
'It's great to have a permanent horse presence in the CBD,' Morrison said.
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