Eight years after the last horse crossed the finish line, Paeroa Racecourse has a new lease of life, with a vision set to help create employment opportunities and additional homes for the region.
Hauraki District Mayor Toby Adams, deputy mayor Paul Milner and former mayor Basil Morrison attended the official ‘chain cutting’ at the Racecourse in November as new owners WFT Finance & Investment Company took possession of the historic property.
WFT Finance & Investment Company has purchased the 33.5-hectare property with the hope of developing the area, including refurbishing the racecourse stands and kitchen areas to continue the link the racecourse has with the region.
The Wright family of Tauranga are the shareholders of WFT and are also behind The Wright Family Foundation, a charitable trust with a focus on mothers’ and children’s wellbeing.
“Paeroa is a spectacular place to live and an obvious place for investment, particularly with the Hauraki region’s growth over the last five to 10 years,” says Wayne Wright.
The family’s long-term vision for the racecourse property is to create a commercial hub over approximately half of the land and a residential subdivision on the balance, complementing the antique stores and other businesses in the main street area.
“The racecourse has a proud legacy of serving the Hauraki District and we intend that the site maintains that legacy,” Wright said.
“This is a first step in quite a long process; we’ll continue to develop concepts and ideas over the next year with the aim of providing long lasting employment opportunities for the region. Currently, we’re in talks to open up the old stables to host a community farmers’ market and the planned refurbishment of the existing facilities could create a dedicated wedding and special events space.”
WFT have engaged Paeroa resident Tim Bartells to oversee a comprehensive programme of rezoning and consenting the landmark property and preparing it for its new place in Paeroa’s future.
Bartells is the developer and co-owner of Paeroa’s Longridge Country Estate; a 250-villa retirement village project currently under construction, which is also co-owned and financed by the Wright family and will see $180 million invested into the local community.
“There are a number of steps to complete, including a plan change to navigate,” said Wayne. “We’re committed to working with iwi, community and all stakeholders during the process to ensure a great outcome for the people of Paeroa and Hauraki.”
Hauraki District Mayor Toby Adams says there is a real need for investment in facilities and says the proposed new development offers exciting future economic benefit to the region.
“It’s still very early days and there is still a formal process to be followed for re-zoning and consenting but I’m allowing myself to feel a little bit excited about this fresh start.”
