Owners of Newbury Racecourse have signed a deal with a construction firm to use part of its land for a new housing project.

David Wilson Homes announced that it will build just under 1,500 properties near to the racecourse, which will all have a view of the towering grandstand. Officials at the company, which is part of Barratt Homes, announced that the ten-year construction will begin later in the year with properties being available for the public to buy around mid-2013. The development is just part of a major project to improve facilities at the racecourse.

Officials at Newbury have said that David Wilson Homes will pay "a minimum of £42.6 million" for the land, which are at central, eastern and western parts of the racecourse. The company which owns Newbury will then use that money to improve the amenities that are currently available to horses, trainers and jockeys that visit the course on a regular basis.

Dominic Burke, chairman of Newbury Racecourse, said: "We are delighted to have completed this agreement with David Wilson Homes. It is a key stage in our long term strategy of releasing value from our land assets to develop the facilities and infrastructure of the racecourse."

The money from David Wilson Homes will be paid in three instalments assisting the planned £12 million renovation of the racecourse. Officials noted that the planned improvements at Newbury will include facilities where horses can be bred, raised and cared for within the ground of the racecourse, as well as a plethora of new stables and other areas which will be more accommodating to the visiting jockeys, horses and trainers.

Newbury plays host to notable races such as the Denman Chase and the Long Distance Hurdle. The former has been won in the past by famous jockeys such as Tony McCoy and Ruby Walsh and both have been successful in the Long Distance Hurdle with Big Buck's, which has won the race for the past three years.

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