Racing NSW snaps up Fudge’s Bong Bong Farm as part of training strategy
State-of-the-art Waratah Thoroughbreds property sold to state’s industry regulator in emotional sale for owners
Paul Fudge’s state-of-the-art NSW Southern Highlands equine property Bong Bong Farm, home to his Waratah Thoroughbreds enterprise, has been sold to the governing body of the state’s racing industry.
An offer tabled by Racing NSW, one of five parties which made final submissions to buy the property, was accepted by the vendor and contracts were exchanged on Tuesday, ANZ Bloodstock News understands.
Racing NSW would not comment on its latest acquisition in its growing land portfolio yesterday, but Inglis Rural Property’s Jamie Inglis confirmed that a sale had been agreed upon, although he would not reveal the identity of the buyer.
It is expected the sale of Bong Bong Farm will form part of Racing NSW’s long-term strategy of having training or pre-training centres close to its Sydney racing and training centres of Randwick, Rosehill and Warwick Farm which are bursting at the seams with a long list of trainers on a waiting list for either an increase in boxes or a presence in the metropolitan area.
“I can only tell you that it has sold. Contracts were exchanged on Tuesday but I can’t tell you who the buyer is or the price,” Inglis said yesterday.
“When I say contracts are exchanged, it hasn’t settled, so technically it is not sold, but rarely do transactions fall over, particularly with the buyer involved.
“They have got the money and it is something that will fit well into the buyer’s strategy.
“It will settle quite quickly and faster than the normal settlement period, in three weeks or so.”
Racing NSW already owns Cessnock racecourse, which no longer hosts race meetings, and it will be turned into a pre-training centre, while chief executive Peter V’landys first floated a Southern Highlands greenfield site in 2019 with the aim of boosting the number of horses in work in close proximity to the metropolitan area.
The acquisition of Bong Bong Farm is expected to be the first part of its plan, which hopes to increase Sydney field sizes – and wagering turnover – as well as easing the congestion and lack of stabling at the capital city’s metropolitan training tracks.
On-course stables are also to be constructed at Scone in the Hunter Valley courtesy of a state-wide $67 million NSW government racing infrastructure funding package, which was announced last month.
Two years ago, when Racing NSW’s Southern Highlands plan was revealed, V’landys said: “Ideally, it would centre around a country town, which would be revitalised by the investment and become Australia’s ‘Newmarket’.
“We need to increase our training facilities and infrastructure to a world’s best standard. We have the best carnivals in the country and the plan is to have training that matches, anywhere in the world.”
In 2017, Racing NSW also bought a 2,600-acre property at Capertee, north of Lithgow, and a year later added Princes Farm at Castlereagh, a 55-hectare property near Hawkesbury, with both being used for its equine welfare retraining programme.
When Bong Bong Farm was first listed for sale in April, a $35 million valuation had been placed on the farm – a 97.5-hectare property containing four architecturally designed barns with 61 boxes, 1,250-metre turf and sand training tracks, hyperbaric chamber, equine spa, treadmills and horse walkers – but it is believed that it sold for significantly less than that figure.
The property also had two fully renovated homes and three staff houses, four feed, workshop and machinery sheds, a quarantine facility, vetting and farrier amenities.
Fudge and his wife Angela listed Bong Bong Farm for sale owing to Paul’s ill health.
“It is a very difficult time for Paul because there is no way in the world this would have been sold in normal circumstances,” Inglis said yesterday.
“I suppose it’s fair to say that it was a lifelong dream which he has had to sell. He is very happy that it is going on to the buyer because they will keep doing what he was doing with it. It will be used for the thoroughbred industry.
“There were people there who were not thoroughbred-related showing interest, but they all realised that the ongoing immediate use would have to be horses to some extent.”
Inglis added: “It is an outstanding property which has been beautifully built with attention to detail.
“You wouldn’t see a better facility anywhere in the world. Paul travelled the world and borrowed ideas from farms, racing operations and breeding facilities.
“He then planned and built it from there. There was plenty of work, plenty of effort and plenty of time put into the property.”