Demolition of the Melbourne pit building will incur a cost of $395 million.
The current structure no longer complies with the necessary standards.
The pitlane building at Albert Park will be demolished right after this weekend's Australian Grand Prix, and its replacement has become significantly more costly due to the discovery of asbestos on the site. A report from Victoria's auditor-general indicates that the total expense for asbestos removal and the construction of a new facility has escalated to approximately $395 million, which is $115 million over the initial budget. The existing building, erected in 1995, fails to meet the standards set by Formula 1 and the FIA. Victorian Treasurer Jaclyn Symes stated that the government had little option but to address the situation. "Unfortunately, there’s not much you can do besides manage asbestos when it's found to ensure a safe working environment and a secure building moving forward," she remarked on ABC Melbourne Radio. For the 2027 race, new garages will be built, and a temporary Paddock Club facility accommodating 2,500 guests will be available. The complete new structure, which will include hospitality space for 5,000 people and 14 garages, is expected to be finished in time for the 2028 Grand Prix. The auditor-general’s report cautioned that the cost overruns might necessitate a reduction in the project, potentially violating Melbourne's contract with Formula 1 or not meeting the facilities previously promised by the government. Despite ticket sales nearly tripling in the last ten years, the Australian Grand Prix continues to operate at a loss, costing the state government over $102 million to support in 2024 alone.
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