The association has a budget of $4 million for stage one of the project, which will include a racetrack, kennel block and essential amenities directly behind the existing track.
WAGRA and Racing and Wagering WA will jointly fund the project.
A spokesman for the association said the second stage of the expansion, which would include offices and a grandstand, would be held until additional funding became available.
He said WAGRA hoped to start construction on the new track in 12 months, subject to approvals and finalised plans.
It would continue to hold meetings at the existing facility until the new track was operational.
WAGRA acting chief executive Michael Seaton said the lease included an option for another 30 years, and would end a period of uncertainty surrounding the future of metropolitan greyhound racing in WA.
‘We have satisfied our chief goal of retaining a city presence for greyhound racing and continuing our historical association with Cannington,’ he said.
‘The greyhound racing industry can now build on the growth and progress we have made over the previous 30 years secure in the knowledge that that we have a permanent home to call our own.
‘Although there’s plenty of work ahead as we make the transition to the new site, we are looking forward to exciting times for the industry.’
Greyhound racing has been conducted at Cannington since the sport was founded in WA in 1974.
Canning Agricultural Society president Ray Porter said the organisation would push ahead with plans to expand the Cannington Exhibition Centre and Showgrounds.
He said it would provide venues for public events, classes, private parties, trade fairs, shows and the circus.