Days out from the Formula 1 Grand Prix, Victoria’s Auditor-General has confirmed that the cost of rebuilding Albert Park’s pit building — set to include one of Australia’s largest timber superstructures — has blown out to $395 million, more than $115 million over budget, after asbestos was found during early earthworks on the site.
“Unfortunately, there’s not much you can do apart from deal with asbestos when you find it to ensure that you’re providing a safe workplace and a safe building going forward,” according to Victorian Treasurer Jaclyn Symes, who spoke to ABC Melbourne Radio, who confirmed that the bill sits with the government and not the Australian Grand Prix Corporation under its contract with F1 rights holder Liberty Media.
Last month, Wood Central reported that the new building will include a striking timber waffle roof design — joining a growing roster of F1 facilities swapping steel and concrete for hybrid cross-laminated timber systems. Renders produced by Woods Bagot show a massive roof that will eventually shelter 14 F1 team garages.
“What excites us most about this design is how it elevates both elite motorsport and grassroots community sport under one roof,” said Woods Bagot Director Bruno Mendes, the project’s design lead. “We’ve engineered a facility that doesn’t just host one of the world’s premier racing events — it actively gives back to the local sporting community every day of the year.”
Inside the canopy, race control suites, media workrooms and administration offices sit alongside the garages, with expansive hospitality terraces framed by CLT beams and full-height glazing offering circuit and lake views for 5,000 Paddock Club guests. When Grand Prix teams pack up each year, the complex converts into a community sporting hub with seven indoor courts and clubrooms for local football, netball and basketball clubs.
Delivered by a consortium of AECOM, Icon and Woods Bagot, the redevelopment draws on the same team behind the award-winning T3 Collingwood — Melbourne’s tallest hybrid timber office building, also built by Icon.
Drawing record attendance, the Treasurer was happy to spruik the benefits of hosting the race: “I can point to the fact that the Grand Prix is a major economic contributor to the state and I know that many people are going to get along to that race this weekend,” she said. “It fills beds in hotels and people going out for dinner, and it keeps everyone busy, and it supports thousands of jobs.”
As for the existing building, constructed in 1995, Wood Central understands that full demolition is slated to begin days after Sunday’s race, with the new facility scheduled for completion ahead of the 2028 Grand Prix.
- To learn more about Melbourne’s Formula 1 Pit Lane building, one of Australia’s largest timber projects in development, click here for Wood Central’s special feature from last month.
