Sandown Hills racecourse is no more, with the owner of the world-famous course saying it is in “tatters” after a $30 million project to convert it into a luxury park failed to deliver.

    “It was a great project,” said Tom Condon, the owner and chairman of the Sandown and Meydan races, after a report last year showed the racecourse had not been meeting its financial targets.

    “But I am disappointed because this was a big project.

    It was a fantastic project.

    I thought it was a huge success and it was, but now I don’t know what the future holds.”

    Mr Condon said he would be leaving the race, which has hosted the world’s top cycling events since 2004, and will start looking at a new project in 2019.

    Sandown Downs is now closed.

    Mr Cynesons project involved turning the Sanddown Hills Racecourse into a mixed-use development with restaurants, a movie theatre, shops and a hotel.

    The Sandown course was developed by Mr Croydon and Partners, a development company that had been running a racecourse in Melbourne’s north-east, and had also developed the Meydans.

    The project was part of a wider $5.2 billion development of the surrounding area, known as Sandown-Meydan Park.

    Mr Fagan said the project was an “enormous achievement”, but that there was still work to be done.

    “What I’ve been told is that there is a lot of work to do,” he said.

    “We will be holding a public meeting with stakeholders to get an understanding of the future of the race course and the redevelopment of Sandown. “

    “Once we have that in place, then we will look at what our next steps are.” “

    Sandown’s owner said the race track had not met its financial target of $30m. “

    Once we have that in place, then we will look at what our next steps are.”

    Sandown’s owner said the race track had not met its financial target of $30m.

    Photo: Pat Scala “It’s just a sad day for all of us,” Mr Cordon said.

    He said he had spent much of his life in the area, but that he was proud of his “long and storied” racing heritage.

    “For the last 20 years, I have been working on a project to bring it back to its former glory, and this project was my greatest achievement in that regard,” Mr Fagans statement said.

    Mr Gorman said he believed the “toxic environment” surrounding the project had been a factor in the project not being completed.

    “There’s a toxic environment that surrounds this place, it’s been a long time, it was my own family’s business and I have a strong family legacy in the community,” Mr Gormans statement read.

    “At the same time, there is not enough funding available to do the project it’s too much money, too few people and not enough planning.”

    Mr Fagen said he expected to be looking at other opportunities in Queensland.

    He said it would be a “disappointment” for Mr Faggans to lose out on the opportunity to redevelop the raceground. “

    The only other projects that are on the table are a development of Sandtown Downs and Sandown Meydaan Park, which is very ambitious, but I would hope that a development like that can be done.”

    He said it would be a “disappointment” for Mr Faggans to lose out on the opportunity to redevelop the raceground.

    Mr Bunn said the decision to close Sandown, Sandown Road and Sandtown is not in the best interests of the people who live and work there.

    “People are working hard to get it back up and running again, and it’s a real shame that they can’t do it,” he told News Corp. Mr Rennie said the closure was a “big blow” to Sandowns community and that the community would be “very disappointed” with the decision.

    Mr D’Aubuisson said he was “saddened” by the decision, which he said had been made “without consultation or consent”.

    “I think it’s an absolute disgrace that a project like this has been shut down, because the Sandtowns community has always been a very important part of the local community,” he wrote in a statement.

    “And I’m really sad to see that the project has been turned away, but also very sad for the people that live in Sandtown.”

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