New Norfolk home builders off and racing

THE future of New Norfolk’s Kensington Park racetrack becomes clearer this week, as the Derwent Valley Council considers two multi-million-dollar offers for the property.

Both offers, one private and one from the State Government, envisage  a significant housing subdivision on the 8.4ha council-owned site.

Further, Kensington Park may be just the first part of a larger housing development in the area, one that also incorporates land both to its east, and to its south. 

The adjacent eastern site, towards the Lachlan River, is about the same size as the former racetrack and is already owned by the state. The adjacent southern land parcel is privately owned. 

The offers to be considered by council at its June meeting follow an initial bid by the government agency, Homes Tasmania, from August 18, 2023. That offer was $1,870,000 was for the entire site, with a 30-day settlement.

A second offer for $2,500,000 was made on June 19 this year by the TSF Investment Group, whose properties include those of Melbourne theatre owner David Marriner. 

Marriner recently announced plans to build high-tech concrete panel homes in a Bridgewater factory, homes he envisages would be erected at Kensington Park.   

The offers come as the Government looks for buildable land across the state to meet a commitment to build 10,000 homes in a decade. (See Peter Binny’s article on the larger housing picture in this week’s Gazette)

At the minimum of 15 homes per hectare, 8.4ha could render more than 100 homes, but pipe easements will mean some loss of useable land. The easement path may be used as open space, road corridor or  front yards.

The higher offer and proposal from TSF Investment Group says the housing layout of the site, to be developed by architects, will take into account the potential incorporation of land to the east and to the south. 

The CEO of Homes Tasmania has already confirmed its offer involves a masterplan for “Kensington Park and adjoining Crown lands that we have, or will have, control over.” The agency has stuck to its original bid of $1,870,000.

For its part, TFS Investments says its plan involves both social and affordable housing. “We are aligned with the same values as Homes Tasmania and … don’t see any difference in what we are putting forward, other than applying a market value on the land,” it says.   

Council staff have advised that both offers require rezoning to enable dwellings to be constructed on the land, a lengthy process for both proponents.

However, staff note that the process is to some advantage for Homes Tasmania which has the ability to put a rezoning application to Parliament via the Housing Land Supply Order.

At its conclusion, the item before this week’s council meeting recommends the sale of Kensington Park “for much needed residential development.”

The funds will not go into revenue, but are “to invest in other council infrastructure projects,” says the agenda.