Huge Wallaroo Shores housing project shelved by developers

Plans to build hundreds of new seaside homes have been shelved, with developers looking to offload the waterfront project after years of delays.

One of the state’s largest regional housing projects has been shelved at Wallaroo, but developers are promising to finish work on a first stage resort while looking for buyers to take over the rest of the $220m development.

The Wallaroo Shores project was expected to deliver more than 600 houses and apartments, offices, shops, cafes, a retirement village and medical centre across 18.5ha of waterfront land just north of the town centre.

However after a series of delays, developer Monopoly Property Group is looking to pull out of the project after completing the $42m, 100-townhouse Wyndham Wallaroo Shores Resort which is currently under construction and due to open later this year.

Artist's impression of the Wallaroo Shores development. Picture: Supplied by Monopoly Property Group

The balance of the land, covering 13.85ha, has been put on the market, with international property firm Savills and local agency Smith Agency seeking interest from local and overseas developers to take over the project.

Monopoly chief executive Ben Howard said the sale came after a challenging period for the construction industry, which coincided with “unprecedented growth and demand in regional housing”.

“The new developer will follow the development plan in place and ensure a high standard of construction is adhered to,” he said.

“This is a legacy project with all the infrastructure in place under a joint venture agreement with the Copper Coast Council, who also share and support the vision of the project and the long-term social and economic benefit it will bring to the local community.

Monopoly is looking to offload the shaded area of land. Picture: realcommercial.com.au

“We’ve had lots of positive feedback on the development, especially in the last few years, while overcoming some earlier challenges including Covid and material supply chain issues that the whole industry has faced.”

Monopoly started construction on the resort project in 2020, close to four years after originally planned.

The developer previously blamed a visa backlog for delays to construction of the townhouses, which were sold predominantly to investors from Malaysia, Vietnam and Southeast Asia.

The resort will include swimming pools, tennis courts, a function centre, luxury cinema and gym. It is due to open in September.

Copper Coast Mayor Roslyn Talbot said the local community was keen to see further progress on the balance of the land, and was hopeful a new developer would be found soon to take the project forward.

“We’ve been through some pretty trying times but now we seem to be at the other side of Covid, a new developer and some action will take place,” she said.

“I think the community recognises the huge potential for that parcel of land and they’re looking forward to seeing it developed.

Artist's impression of the $42 million Wyndham resort which is currently under construction. Supplied by Monopoly Property Group

“It’s a beautiful parcel of land, there’s great potential there and so I’m hoping that someone will take it on to develop it to its full potential.”

The Wallaroo Shores site – formerly home to a fertiliser facility for Incitec Pivot – was previously described by Monopoly as “the most strategic piece of land in Australia”.

The site’s history dates back to 1861, when it was developed into one of the world’s biggest copper smelters of its time.

Following the smelter’s closure in 1923, the original chimney, known as the Hughes Stack, was retained and is now heritage listed.

The land sale comes with approvals for six stages of development adjacent to the Wyndham resort.