I recall reading about why they are proposing this. It is because the venue is tired and old and they need funds to invest in it. The way the venue is now, it is getting harder and harder to attract customers (Canberrans are getting used to a higher quality of venue). There are already plans to develop the old winery land (now funeral home) Kamberra, and so I imagine it would be on the land adjacent to that development (although I don’t know). I guess if people don’t want development there they have to lobby government to put the investment in.
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