The owners of Newbury Racecourse have sold part of the site to property developers David Wilson Homes who plan to build 1,500 homes over the next decade.
Newbury Racecourse plc has sold land on its western, central and eastern sites. David Wilson will pay “a minimum of £42.6 million for the land”, with the proceeds funding new racecourse facilities, according to sources.
The company said it expected building work to start this year, with houses going on sale in mid-2013.
The sale will fund a major £12m racecourse upgrade including a new paddock and improved facilities for horses, owners and trainers.
David Wilson is understood to be paying £5.1m up front, with the balance due later.
The racecourse owners want it to be profitable all year round, not just when major races are held. Recently, Jessie J played at the venue, while Lionel Richie is also due to perform this month.
David Wilson Homes is part of Barratt Developments plc, Britain’s biggest housebuilder.
Resources: Newbury Racecourse website