Newbury Racecourse all set for £20m refurbishment

Plans to build new entrances and parade ring approved

NEWBURY Racecourse has had plans for a £20m refurbishment approved – and work could start as early as January next year.

As part of the first phase of redevelopment, two new entrances are proposed, while the existing parade ring will be expanded to provide a new winners’ enclosure.

A new pre-parade ring is also planned to be built, while landscaping will take place around the main stands.

The plans are more extensive and cost £8m more than the those previously set out in a circular to shareholders dated October 2012, then estimated to cost £12m.

Work on the first phase is expected to start in January 2016 and cost £13.5m.

The second phase, which will cost in the region of £6.5m, will see the Berkshire Stand and Pall Mall Stand refurbished.

The plans form part of the major development next to the course that will see 1,500 new homes built.

Work on the second phase is not expected to start until after 2018, when the returns from the residential developments will be clearer.

The racecourse said it wanted to refresh key facilities to reinforce the company’s position as one of the UK’s leading racecourse and events venues.

It added that it would not be providing a dividend to shareholders until at least 2018 – after boosting its spending on development

The racecourse confirmed that outline planning permission for a 120-bedroom four-star hotel remains in place from the originally approved application in 2010, but said that there were no immediate plans to start work on this part of the project.