The Valley Racecourse in Melbourne, Australia, is to undergo redevelopment as management at the horse racing venue seek to create a “vibrant new lifestyle, sporting, residential and destination precinct” to benefit the local community.

The project is the result of almost a decade of planning by Moonee Valley Racing Club (MVRC) in consultation with the community, State Government of Victoria, Moonee Valley City Council, Racing Victoria, the Victorian racing industry and MVRC members.

Plans include installing a new grandstand at the venue in order to place punters closer to the action and allow for night racing. The MVRC said that this has been designed with a “customer-first approach”, pledging to deliver an “exceptional” experience to visitors.

Also featured in the project is a new track, which will measure in at 30m wide and enable the venue to host up to 35 race meetings each year. The home straight will also be extended from 173m to 317m but retain all key starting positions, including the famous W S Cox Plate 2040 metre start at the top of the home straight.

To support the work, the MVRC has agreed a joint venture between Australian superannuation fund Hostplus and property developer Hamton, with both to serve as development partners for the project.

MVRC chairman Don Casboult said: “The scale and ambition of this project is unparalleled. The Valley of Tomorrow will respect our great heritage while creating a wonderful new environment for all to enjoy.

“Our partners strongly share our vision and together we are deeply committed to working in close collaboration with the community to create a precinct that reflects community aspirations and enhances the local area for residents.

“Our vision for The Valley is designed to provide the best facilities of any sporting, lifestyle, residential and community precinct in the nation. It will deliver a huge range of benefits for the entire community over the next century.”