Investment in the Ipswich Motorsport Precinct project is tipped to “exceed $220 million” according to the city’s deputy mayor Paul Tully.
The new precinct will see an overhaul of the current Willowbank drag strip and Queensland Raceway circuit, with the creation of an all-encompassing motorsports park that includes a speedway, motocross track, karting facilities, and even a hotel.
The first phase of the project is to extend the current ‘paperclip’ Queensland Raceway circuit.
“The precinct has the unique advantage of being established within a buffer zone away from high density residential areas and is well positioned to major freight transport links,” Tully said.
“Redeveloping the Ipswich Motorsport Precinct will bring significant economic benefits to Ipswich and create up to 200 construction jobs for the local community. It is anticipated to generate more than $138 million of benefits per annum.
“When fully developed we can expect the total investment at the precinct to exceed $220 million.”
It has also been confirmed that experience motorsport administrator Damien White will oversee the project.
“Our vision is to cement Ipswich’s reputation as Queensland’s leading motorsport destination with financial support from the Queensland and Australian governments,” said Ipswich mayor Paul Pisasale.
“Damien will progress the development based on a comprehensive financially sound masterplan that proposes major upgrades to the existing race circuit, drag strip and go-kart facility as well as new supporting infrastructure.
“Plans also permit development of a speedway stadium, motocross circuit, three-star hotel and opportunities for motorsport related retail and industry.
“Motorsport already plays an important role in the Ipswich economy with about 250,000 visitors to the precinct every year for a wide range of events and experiences.”