Wakefield Park for sale?

greenMachine · Postby **greenMachine** » Thu Aug 31, 2006 10:18 am

This time it seems for real.

I have not seen the ad myself, however I understand it is in today's Fin Review. I understand it is also listed in a real estate agent window in Goulburn.

Can somebody check their copy of FR and confirm, before we get too excited :roll:

CT · Postby CT » Thu Aug 31, 2006 12:49 pm

Yep, was in yesterdays Fin Review. Anyone wanna go shares with me? I've been looking at doing something different. Maybe, we stick in a couple a million each? Imagine owning your own racetrack........... :mrgreen:

Andrew · Postby **Andrew** » Thu Aug 31, 2006 1:37 pm

CT wrote:Maybe, we stick in a couple a million each? Imagine owning your own racetrack...........

...only if i can be the resident photographer

greenMachine · Postby **greenMachine** » Thu Aug 31, 2006 8:36 pm

Batman, that sounds right, except ... a new circuit will cost mega $$$, and even TP will want to get some sort of return on his outlay. Wakefield got its start as competition to the two Sydney circuits, and I would expect that its competitive edge would continue, or even improve depending on TP's pricing policy.

If anyone should be worried, it's the operaters of Eastern Creek, they are more likely to be in head-to-head competition with a new circuit. However they have the advantage of operating a depreciated asset (ie a lower cost base), how that will play out against the attractions of a brand new facility remains to be seen.

greenMachine · Postby **greenMachine** » Thu Aug 31, 2006 8:39 pm

Anyone wanna go shares with me?

Where do I send my cheque? :mrgreen:

AJ · Postby AJ » Thu Aug 31, 2006 9:01 pm

Group buy???? :lol:

CT · Postby CT » Thu Aug 31, 2006 9:56 pm

Batman wrote:I guess the owners of Wakefield are thinking that now is a good time to sell because if Tony Perich goes ahead with his plan to build the "new Oran Park" in the Camden/Picton/Mittagong areas, then it will decrease the value of Wakefield significantly.

Sounds good in theory but that "new" track would be at least 2-3 years away at the earliest. Currently all three tracks don't exactly suffer usage issues - they all have excellent utilisation rates currently. So I doubt there would be any devaluation of current facilities. Hopefully, new owners could inject some more capital into the circuit and further improve it, ie fix the bumps properly, add different layouts and improving track facilities which lets face it, could do with a little sorting out.

A fourth track designed like the Instanbul F1 track would do me just fine - what a fabo track or if we had to a Spa would also be suitable. I wish!

Forced Fives · Postby **Forced Fives** » Fri Sep 01, 2006 11:45 am

Come on CT, round up the troops for a group buy. I am sure we can fix up the track and facilities. Get your business plan together for our consideration.....

irwin83r · Postby **irwin83r** » Fri Sep 01, 2006 6:52 pm

the mx5 club should buy it :mrgreen:

ill make a donation

rodent · Postby **rodent** » Fri Sep 01, 2006 10:40 pm

I'd definitely pitch in by doing a lamington drive or two

Fuzzlet · Postby **Fuzzlet** » Mon Sep 04, 2006 2:41 pm

You could whore yourself out to 1000 fat chicks for $50 a piece. Come on who's willing to help out?

Bozman · Postby **Bozman** » Tue Sep 05, 2006 12:01 am

Offers invited over 6.5 million for Wakefield :shock:

John Boston
Senior Instructor
www.ianluff.com.au

rodent · Postby **rodent** » Tue Sep 05, 2006 10:35 am

$6.5 million? That's a lot of large ladies

CT · Postby CT » Tue Sep 05, 2006 2:03 pm

Hey Bozzo - long time no see. I was thinking around the $5.5m mark myself - not a penny more! Maybe we do some fundraising chocolates, lamos, crispy cremes and then Aus-Cartalk could own it!

The shame would be that even though you would own a racetrack, you would need 90% plus utilisation to pay for it and hence you would be lucky to get a day on it yourself! C'mon powerball!

Benny · Postby **Benny** » Tue Sep 05, 2006 5:11 pm

Let's see.
$6.5M. If you charged say $3,500 a day and had 100% utilisation, you could pay it off in just over 5 years, giving you a return of around 20%.
Not bad, but you can't get 100% utilisation, and you would still have costs of providing staff, repairs etc.

If someone could come up with say, $500K, that would be enough of a deposit to get finance on the rest to pay off over say, 20 years, and you would still have a reasonable income, providing your costs weren't too high.

Being more realistic, it would probably take around 8-12 years to pay off, + interest, and you would still have a nice parcel of land to sell later.

The NSW Club has around $50K in the kitty, so all we need is to get the members to cough up another $450K, and then we might be in with a chance!
Looks like I'll increase the membership fees for next year!
I reckon $1,000 a year is still good value. :roll: