The next stages of a $2-billion racecourse redevelopment are under starter’s orders after the project’s partners were greenlit for a $295-million loan.

The next step in the project, Moonee Valley Park at the namesake racecourse, will deliver two residential stages.

The loan by ANZ to the developer, a joint venture between Melbourne private developer Hamton and industry superannuation fund Hostplus, represented by investment manager ISPT, will primarily fund delivery of Trackside House and Stonepine House comprising 325 build-to-sell apartments.

Funds will also be used to seek planning permits on the balance of the development land and sitewide works to prepare for the club’s works, which are due to begin in November, 2025.

Hamton executive chairman Paul Hameister, said the scale of this debt package with ANZ was “a reflection of the strength of security offered by the Hamton-Hostplus-MVRC partnership and the presale success of the latest stages”.

 “It shows that for the right projects and the right developers, build-to-sell is still a development strategy that will secure the support of the big four banks,” he said.

The redevelopment of Moonee Valley Racecourse would transform the 40ha site into “a botanic-inspired residential landmark” and the new premium neighbourhood of Melbourne’s inner north, the developers said. 

Moonee Valley Park—which is designed to be a neighbourhood within a park—will comprise about 2000 homes across eight village-style precincts, plus resident amenities, retailers, cafes, restaurants, playgrounds, sporting fields, running and walking tracks plus 20ha green space.