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Phillip Island for sale


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#1 Speed Demon

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Posted 10 October 2002 - 21:38

According to reports from Australia, Phillip Island is being put up for sale. It's not thought likely that it will have any effect on racing, but nonetheless, until a buyer is found, I guess there is a risk.

The circuit is 50 years old this year, so what are your memories of the place?

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#2 David McKinney

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Posted 11 October 2002 - 05:17

Originally posted by Speed Demon
The circuit is 50 years old this year

Well, 46 anyway

#3 Speed Demon

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Posted 11 October 2002 - 19:07

I'm just going on info from the current owners, who say this year marks half a century since the first sod of soil was turned in construction of the Phillip Island circuit.

#4 David McKinney

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Posted 11 October 2002 - 21:13

but first racing meeting was 1956

#5 Mark Beckman

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Posted 12 October 2002 - 09:24

My first memories are of being driven around the track by my Dad and seeing the "Lukey Mufflers" sign in the mid 60's. I grew up on the other side of Westernport Bay.



From the website......

"In 1951, a meeting of six local businessmen decided to re-establish motor racing at Phillip Island.
From the late 1920's until 1935 the island boasted its own circuit (rather crude on today's standards) on an airfield 2km from the current circuit, and by 1951, the businessmen believed it was time to relaunch racing on the island.
1952
A steering committee formed and the Phillip Island Auto Racing Club (PIARC) developed with a dream “to build Australia's first international grand prix circuit”. The current site was purchased in that year. PIARC calls for 7000 subscriptions at 10 pounds each to assist in the development of the circuit and building work begins. An Alfa was used to measure the three-mile distance required for international certification as an International Circuit.
1956
Between 1952 and 1956 the building of the circuit had met with major engineering hurdles, and PIARC had to call for more money from its shareholders. The Grand Opening Meeting was held with much acclaim in December 1956".

#6 Ray Bell

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Posted 13 October 2002 - 12:42

It's actually the Phillip Island Auto Racing Club's 50th anniversary year... whether they turned their first sod of earth in the same year or not I don't know.

If it's for sale, I think the PIARC should be the ones with the first option on it. They weren't able to buy it back from the Lukeys when Len died because they insisted on the price being $2m to the Club, but the present owners were allowed to buy it for $1m!

I'd be very surprised if this was correct... I mean the report that it's for sale. I really think the present owners, if they wanted to divest themselves of the property, would do so quietly to the Club somehow.

#7 Speed Demon

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Posted 13 October 2002 - 13:06

It's definitely for sale, Ray. I had a press release from the circuit this morning:

9 October 2002
For Immediate Release
SALE OF PHILLIP ISLAND GRAND PRIX CIRCUIT
The Board of Placetac Pty Ltd announced today their decision to realise the Phillip Island
Grand Prix Circuit including the motor sport operations and associated activities by inviting
Expressions of Interest.
In announcing the decision, Mr Peter Henderson, Chairman of the Placetac Group of
Companies said, “We have appointed Colliers International to market our entire interest in
the Phillip Island venue”
“In the eighteen years since 1984, when we purchased the circuit and surrounding coastal
farming land, we have progressively developed the property, events and tourism activities to
the international standard of excellence for which Phillip Island Grand Prix Circuit is widely
acknowledged today”.
“Our dedicated management team and staff will continue to work with the circuits clients,
motor sport partners and Government agencies in order to maintain Phillip Island’s reputation
as the leading motor racing facility in Australia”
“To enhance the multi function business opportunities at Phillip Island Grand Prix Circuit it
is appropriate timing, however, for the current ownership to step aside and allow a future
investor to participate in the next stage of development” Mr Henderson concluded.
This year Phillip Island Grand Prix Circuit celebrates its 50 th Anniversary and remarkably
there has only been three owners since its inception.
For further information regarding participation in the Expressions of Interest contact Bill
McHarg or Scott Mitchell at Colliers International on 61 3 9629 8888
For information regarding Phillip Island Grand Prix Circuit activities contact Fergus
Cameron, Managing Director, Placetac Group, on 61 3 5952 2710.
ENDS

#8 Ray Bell

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Posted 13 October 2002 - 13:55

It is a shame then that they have done this in this manner...

The PIARC are an energetic and strong organisation and could no doubt raise the money if there were no competition for the purchase.

Then again, perhaps the farmers have decided to put it on the open market to determine what price they should ask the PIARC?