Newbury signs £42.6m deal
Thursday 20 September 2012
Newbury Racecourse has agreed to sell land to the developer David Wilson Homes, which will see almost 1,500 homes built around the course over the next 10 years, including some overlooking the home straight.
The £42.6m deal, which has taken five years and several planning inquiries, came after a hostile takeover bid for the racecourse in 2008 by Australian raider Guinness Peat.
Newbury said it expects to receive £33m after tax from the deal, with a £5.1m upfront payment. The prices are expected to start at £150,000 for a one-bedroom flat, running to £500,000 for a penthouse. The racecourse also has a profit share depending on the success of the development.
Dominic Burke, Newbury's chairman, said: "This will ensure the success of the racecourse as a profitable year-round racing, entertainment and events business with racing at its core."
Newbury said it would pump some £12m into upgrading the racecourse.
Harry Potter actor suffered 'severe flu-like symptoms' on a flight from London to Orlando
First full-length look is finally here
World cities ranked in terms of safety, food security and 'liveability'
"Oink! Oink! Hee hee hee!" First interview with the big-screen star
Biohacking group hopes technology will lead people to think about even more dystopian uses
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...