Auckland Trotting Club members have approved a $205.4 million property deal at Alexandra Park which will secure the future of harness racing in Auckland.
Members voted at a special general meeting to approve the development of a mall and 231 apartments on a carpark adjacent to ASB Showgrounds, Dominique Dowding, Alexandra Park chief executive, said.
"Keeping harness racing alive in Auckland for the coming decades is now looking a lot more secure," she said.
Indicative apartment prices will range from about $550,000 through to $2.8m for a penthouse in the 223 Green Lane West development.
"We're lucky because Alexandra Park is seen as pretty iconic real estate. It's a very central location that's just waiting to be drastically improved."
The consented development would see the club retain ownership of the ground floor retail space, boosting its rental income stream, while the apartments in the four buildings above would be sold under freehold unit titles.
Alexandra Park's new real estate offerings would come to the market in February next year.