The Franklin Park Training Centre has been sold again for $30 million less than what the previous owners paid in 2022. Photo: Colliers
Auckland's only harness racing training track has been sold to a New Zealand property investment group.
The 35-hectare Franklin Park Training Centre in Pukekohe has operated for 77 years for professional horse trotting and pacing and is owned by the Auckland Trotting Club.
In 2022, the site was sold for $100 million to Chinese-backed property investment company Mount Hope Limited.
However the deal fell through, and the site went back on the market - listed with Colliers as prime land for high-density housing development.
Club president Jamie Mackinnon has confirmed they have another buyer, but for $30m less.
"We have a signed sale and purchase agreement with a four month due diligence period so technically it's an option until it's unconditional.
"The sale's for $70m, and we previously had a deal on this property for $100m.
"So I guess it's a reflection of where the market's at. It was extensively marketed and it is what it is."
The 35-hectare park has been the home of harness racing in Pukekohe for 77 years. Photo: 123
Mackinnon said the funds from the sale would be used to settle debts.
When the property hit the market, trainers using the grounds were concerned for their future.
However Mackinnon said they will have another training facility coming.
"We have a couple of options we're looking at, at the moment.
"We've got to talk to a number of parties. It's a little bit complex but we do have a least one good option and another option.
"I'm hoping I'll be able to talk to our people at Pukekohe in the next few weeks."
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