In 2019, the Taranaki Motorsport Facility Charitable Trust partnered with the Stratford A&P Association.
Multiple loans and support from private investors were used to acquire land adjacent to A&P Show Grounds to begin the Stratford Park project.
Since then, the trust has conducted reports on ecological, spatial, cultural impact, economic benefit, engineering, noise, traffic, and rail impact.
However, its efforts have not gained traction and the trust this week announced it had given up on attempts to develop the precinct.
“We know many will find this news disappointing – the feeling is mutual,” the Taranaki Motorsport Facility Charitable Trust said in a statement.
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“However, it is important to know that our team of volunteers in the Motorsport Complex Committee & the Trust worked extremely hard at this for 6+ years now and have left no stone unturned. But unfortunately, we can no longer see a way forward.”
The project was estimated to cost $68 million AUD ($75 million NZD) over the next decade.
That took into account a redeveloped equestrian centre, driver training facility, education hub, and concert facilities.
In a statement, architects of the project said they would look for a new site.
“Despite an Economic Impact report which confirmed the Stratford Park project could generate $35m to the local economy annually, acceptance of the project into the Fast Track Consent process, and support shown by the Stratford District council, the project has struggled to gain wider political support or funding,” a statement read in part.
“Additionally, recent changes to government policy resulting in a halt in all zone changes on land has forced the Trust to obtain a resource consent to operate under its current zoning regulations.”
The trust said the net result of those zoning regulations meant noise restrictions applied to the facility would reduce operational capacity.
That, combined with a 100-car daily limit, proved too big a hurdle to overcome as it would have strangled potential revenue streams.
“These factors resulted in both Drag Racing Taranaki and Taranaki Stock Car Club advising out of the Motorsport Complex at its current site,” the statement continued.
“Overall, the operational restrictions being imposed would make the site unviable financially, and therefore the trust has reluctantly accepted that a motorsport facility cannot be operated on the site.
“Whilst attempts to build the facility have ceased the Trust continues to operate and will explore other opportunities.
“In the coming months the Trust will consider options for the current land, and in the meantime will continue to operate the land as a farm.”
The incumbent Stratford Speedway is not affected by the withdrawal of the project.
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