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CLUBS PURCHASE ADDINGTON RACEWAY

The three clubs racing at Addington have negotiated to buy the 87 acres of the raceway for $1.1 million.

The clubs, combined under the wing of Addington Raceway Ltd, have leased the land from it's owners, the North Canterbury and Ashburton Hospital Boards, since 1947, when they signed a hundred year agreement. Announcing the proposed sale, the Hospital Boards said the final agreement was subject to Ministerial approval. The land has a government valuation of $750,000.

Under the terms of the lease, all the improvements on the land belonged to Addington Raceway but all the buildings would revert to the owners when it expired. The Board said the sale of the land was in the best interests of all concerned. It felt the return on its investment through the lease, about 2 or 3 per cent, was too low for the substantial investment involved. And the racing clubs, without security of tenure, would have no incentive to improve facilities on the Raceway, especially nearer the end of the lease.

At the end of the lease, the Hospital Boards would have the unenviable decision of asking the trotting clubs to relocate their activities, or renegotiate another lease with probably an unsatisfactory return.

At the special Pam Am Mile draw last week, Addington Raceway chairman of directors Bruce Woods said the move would remove any inhibiting factors in the future development of the Raceway.

Credit: Graham Ingram writing in NZ Trotting Calendar 2Dec80