Cincotta selling stables

RACEHORSE syndicator Sterling Cincotta is “unsaddling” his investment in a stables property once owned by failed billionaire Nathan Tinkler and adjacent to the Gold Coast Turf Club at Bundall.

The move comes as demand from owners, breeders and investors for a stake in the Bundall equine precinct is pushing values up.

The Cincotta sell-off involves stables at 88 Racecourse Drive. They are being auctioned in tandem with an equine facility on a neighbouring site.

Mr Cincotta (inset), a director of a former Vodafone mobile reseller, started 2K Thoroughbreds in 2016.

The syndicator aimed to give punters an affordable exposure to racehorse ownership and its horses enjoyed quick success on the track.

He is selling the stables to concentrate on the expansion of his Fenwick Farm horse property at Canungra.

The Cincotta Bundall stables block was bought for $2.5m in 2018 and the adjoining strata title for $500,000.

Michael Willems, of Ray White Commercial, said the two properties were netting $256,000 a year.

“There is heavy demand within the equine precinct for stables space and very little available. That underwrites the future of the Racecourse Drive properties,” he said.

The Cincotta stables, on a 3001sq m site, come with a caretaker’s quarters and were built by former turf club chairman Hoss Heinrich to a standard that later would allow a motel to be installed on top and the ground-level stable area converted to covered parking.

Former owners include Mr Tinkler, who lost a fortune made in the mining industry, and a company linked to former champion jockey Mick Dittman.