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Go Racing and Marsh Racing have joined forces to purchase the property formerly known as Monovale Farm, near Lake Karapiro just outside of Cambridge.

The 58-acre property will be used as a spelling and pre-training facility for both parties, enhancing their current service offerings. 

"We had been looking for a property in the Waikato for a little while and when Joe (Smithies) mentioned that they were interested in selling we jumped at the chance," Go Racing's Albert Bosma said.

Leading Cambridge trainer Stephen Marsh was also pleased with the acquisition.

"It's the perfect set up for us with 22 boxes and plenty of horse-safe paddocks and it means we can have all our horses spelling in one location that's only a 10-minute drive from our stables," Marsh said.

Marsh's father Bruce, who retired from training in Singapore last month is also a partner in the new venture having recently settled in Cambridge.

Bosma said the purchase of the agistment property was a vote of confidence in the New Zealand racing industry.

"We're committed to racing in New Zealand and the New Zealand thoroughbred and we're excited to be developing our business through this new venture," he said.

"For us it means we can have a more holistic approach to our business, and our owners and horses will benefit from that."

While they have yet to decide on a new name for the property Marsh and Bosma have enlisted the services of Matamata-based administration company, Stable Books, to assist with recruiting new staff for the property and administration services.

"We're thrilled to be working with Go Racing and Marsh Racing on this project," Louise Weatherley of Stable Books said.

The property will operate as a separate business to both Go Racing and Marsh Racing and will be welcoming outside clients.

"We will be hiring a farm manager and several other staff members so we welcome interest from those in the industry looking for an exciting new opportunity," Bosma said.

The new owners will take over the property on February 1, ready to welcome their first residents from the Karaka Yearling Sales.

The farm was established by the late Paul Smithies and his wife Cushla who produced many topline gallopers from the pasture including Sir Slick, Puccini, Verdi and Platinum Witness.

Joe and Max Smithies will continue to operate Monovale Farm from another property that they have established in Waikato.