In October 2018, the Victorian Government approved a 65-year lease with Melbourne Racing Club for horse racing at Caulfield Racecourse Reserve, which provides security of tenure for the MRC, enabling long term planning and investment in the Reserve by the club. As part of the lease arrangement, horse training at the Reserve will be phased out over a five-year period.
The lease is divided in to two phases. The first phase provides the Melbourne Racing Club with a lease to the racecourse, grandstand, gaming facilities, the Guineas car park and all training infrastructure for approximately five years.
The second phase of the lease commences after horse training has been relocated from Caulfield Racecourse Reserve, and runs for the rest of the lease. It includes the racecourse, grandstand, gaming facilities and the Guineas car park. It also includes enough room to explore the option of an additional racing track and lights, subject to planning and other approvals processes as required.
The footprint for the second phase is less than for the first phase, providing more land to be used for open space and recreation.
The MRC has also been issued a licence for an area in the centre of the Reserve to provide access for car parking in support of the events that it runs. This area constitutes less than 11% of overall land available in the centre of the track.