ATC’s $70 Million Franklin Park deal falls through

The Auckland Trotting Club has taken another blow with news today that the sale of its Franklin Park training centre has fallen through.

In a newsletter to members, club president Jamie McKinnon revealed that Oyster Capital had exercised its right, after due diligence, to withdraw from August’s $70 million agreement.

The primary reason given, he said, related to the development yield and cost.

It is the second time that sale of the land has fallen through. In 2024 the Chinese backed property investment company Mount Hope Ltd pulled out of a deal worth $100 million after paying a $10 million deposit.

McKinnon said the club now had several options, including to re-engage with parties who submitted previous offers.

The club could also approach investors in neighbouring properties who might see considerable strategic value in securing some or all of the adjoining land.

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by Barry Lichter, reprinted with permission from Lincoln Farms