The iconic former Holden test facility will remain in Vietnamese hands for the time being, with a promising buyer walking away from the deal.
UPDATE, Wednesday 9 October 2024: The sale of the former Holden proving ground has fallen through.
Drive understands the group initially wanting to acquire the Lang Lang property did not complete the sale, with Vietnamese car company VinFast remaining the owner – for now.
Three groups are believed to still be in talks to purchase the 877-hectare property – though the interested parties remain unknown at this stage.
Those involved in the deal are remaining tight-lipped, but confirmed the previously-reported sale would not be proceeding.
Our original story continues unchanged below.
15 August 2024: The former Holden proving ground at Lang Lang – owned by Vietnamese car company VinFast since 2021 – is poised to change hands.
Former V8 Supercars driver and Bathurst winner Lee Holdsworth – now a commercial real estate agent tasked with selling the Lang Lang proving ground – told Drive the facility is currently under a “heads of agreement” with a potential new owner.
Local newspaper, the Berwick-Pakenham Gazette, reports “several interested parties” came forward during a period calling for expressions of interest in recent months – with one potential buyer “currently engaged under exclusive due diligence”.
Mr Holdsworth said more than $25 million is being sought for the 877-hectare property – located approximately 100km from Melbourne – which could result in a $10 million loss for VinFast, despite only owning the proving grounds for approximately three years.
MORE: Holden’s Lang Lang test track sold for $36.3 million, documents reveal
While unconfirmed, Drive understands Australian billionaire and car collector Lindsay Fox was one of the interested parties – however, Drive can confirm Mr Fox wasn’t the successful party in this instance.
As exclusively reported by Drive in early 2020, the former footballer and transport magnate had tried to purchase the facility from Holden at the time, but was unsuccessful then also.
It’s understood Mr Fox has been seeking to acquire the site for more than a decade.
Mr Fox already owns the nearby Phillip Island Grand Prix Circuit, Avalon Airport, the historic Queen’s Warehouse in Docklands – which houses his extensive car collection – and the Australian Automotive Research Centre, which is also a vehicle proving ground located in Anglesea.
MORE: Holden test track for sale again after new owner quits Australia
While the name of the new owner remains a secret for now, the group’s identity is expected to be made public in the coming months.
With a layout based on General Motors’ proving ground in Michigan, the Lang Lang site opened in 1957 and features 44 kilometres of roads and tracks – including a 4.7km high-speed banked loop and a 100-metre diameter skid pan – as well as a large workshop and emissions lab.
As previously reported, Holden spent $15.9 million updating the facility in 2018.
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