The Board are pleased to share with members that Tivoli Raceway, Chuwar has been sold.
The MQ asset, while steeped in history, had been under pressure from urban encroachment since 2017. It was then discussions started with Ipswich City Council on a sale and / or land swap arrangement.
Consultation with ICC over several years did not lead to any viable outcome as the only land available was not suitable for MX development.
The asset was first offered to the market in 2018. Over the next 4 years, the land had gone to contract twice but on both occasions the buyers withdrew for a number of reasons that were out of the control of MQ and the Buyers.
Subsequently the complex was leased as a MX Ride Park. The lessee was unable to meet strict ICC environmental guidelines and the park was closed. The Board engaged a Real Estate marketing firm in October 2023 and over a 4-month period was able to go to contract.
Proceeds from the sale of Tivoli will go toward paying down current debt on our asset in Gordon St, Ipswich, and an interest only loan back to Motorcycling Australia for the initial contribution to start Queensland Moto Park.
The Board will formulate a Finance Strategy to investigate the resource needs for the Sport. We intend to liaise with Subcommittees and Members to ensure Events can be managed effectively, safely and efficiently by equipping members appropriately.
We look forward to the discussion and communication into the immediate future.