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View Poll Results: Should there be apartments on the Mountain?
Yes I want one, where's my cheque book? 4 28.57%
No Leave the Mountain alone 10 71.43%
Voters: 14. You may not vote on this poll

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post #1 of 17 (permalink) Old 09-30-03, 12:54 AM Thread Starter
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Mount Panorama Apartments

Has anyone seen the ad in the latest Australian Muscle Car Mag for the luxury serviced apartments that will be built on Conrod Straight?

They start from $275 000 up to the two story million dollar Penthouse. These are going to be built on Conrod Straight imediately after the 24 hour race. Bathurst Council has been buying the land surrounding the circuit to develope the land.

I'm I the only one disgusted by this? I can't believe that this is happening. I know that the 24 hour race and the V8 Supercars have brought Bathurst to the world stage but do we really need luxury apartments on the Mountain? Is Bathurst Council so money hungry that the are going to change the face of the track for the sake apartments.

I just hope that who ever buys it doesnt start bitching about the noise of the races keeping them awake.

The one thing about Australia is how down to earth we are. We dont mind that our most famous race track is a back road around paddocks. That adds to the atmosphere. I loved the ending of the dish, here is a radio telescope that showed the world man on the Moon, and where is it? In the middle of a paddock.

I've had my bitch, am I the only one?

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post #2 of 17 (permalink) Old 09-30-03, 01:29 AM
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Re: Mount Panorama Apartments

I think it'll make an intresting addition to the worlds best motorsport track!
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post #3 of 17 (permalink) Old 09-30-03, 02:29 AM
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Re: Mount Panorama Apartments

I saw the ad a few days ago.

I too felt sick about the whole idea.
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post #4 of 17 (permalink) Old 09-30-03, 03:59 AM
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Re: Mount Panorama Apartments

Those luxury apartments are the big rage here. They ahve them at more NASCAR Tracks. Most are developed by the owners of the Track as an investment. I can tell you that several tracks have 40% occupancy rates and have been losing money on the ventures. Of course they lease the apartments out during racing events and make a butt load of cash, but in general they are not leased on a year round basis. Those that are usually are rented by millionares that want to host parties and not pay for the skybox seating.

we have them down here at Texas Motor Speedway. Prices initially were ranging from 400k for a small 1800sf apartment to 10 million for a penthouse of 6000sf. Now they are going for 100,000 to 1 million, but initially they had sold over 80% of the space. Here they built two complexes and they had office space in the second. They are currently at a 70% occupancy rate there too.

It can be good for the owners as far as revenue.
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post #5 of 17 (permalink) Old 09-30-03, 08:47 AM
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Re: Mount Panorama Apartments

Jesus Christ, 275,000 for a unit in bathurst - I'd like to see that - $275,000 would buy you a house in Bathurst, and I don't think that car races out here are as corporate fanatical as some of the other sports on offer.
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post #6 of 17 (permalink) Old 09-30-03, 08:50 AM
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Re: Mount Panorama Apartments

Problem would be trying to rent them out for 50 weeks of the year... Then access for 2 weeks of the year would be very restricted.

Not a good idea in my books...

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post #7 of 17 (permalink) Old 09-30-03, 07:30 PM
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Re: Mount Panorama Apartments

to go up and show we can keep up with the rest of the world yes we need more development as long as it doesnt interfere with the actual track i couldnt care,i know i'd want one if i had the $$$,again tracks around the world are doing the same thing,the mountain is unique for being a brutal place on cars and very unfirgiving,putting some high rises along conrod straight wont hurt,if it's gonna bring in the xtra money to help the mountain to maintain (track,safety) etc im all for it,i can only imagine the rental prices..

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post #8 of 17 (permalink) Old 09-30-03, 09:39 PM
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Re: Mount Panorama Apartments

I was eyeing off the TMS apartments Lunatic. Then I got distracted trying to get into my smartass Dodge during a rainstorm!

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post #9 of 17 (permalink) Old 09-30-03, 10:05 PM
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Re: Mount Panorama Apartments

im still not shure if it is a good idea or not. i mean your not exactly gonna pay 250k just to say you live at the bathurst track are you. but you can shure buy them as an investment but you would probably only be able to rent them out for the week of the 1000 and the week of the 24hr.

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post #10 of 17 (permalink) Old 10-01-03, 12:32 AM
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Re: Mount Panorama Apartments

I think certainly we are seeing such places snapped up just to become leggo land for greedy developers. I can think of a few foreshore places on Sydney Harbour that should've stayed put, ie Luna Park. (Now closed because of development above and behind with the residents that moved in complaining about the noise - fair dinkum tossers).

Certainly forget about investment, all the developers are going to care about are the deposits required to continue the construction in stages. If serious residents are going to move in I can certainly guarantee they won't be revheads.

This is a travesty IMO.

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