Monopoly Property Group kicks off Wallaroo resort project
One of the state’s biggest regional developments is underway, with Monopoly Property Group planning to open its first stage $42 million resort on the Yorke Peninsula by the end of next year.
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Civil construction is underway at the $42m Wallaroo Shores resort development on the Yorke Peninsula, with work on the first townhouses expected to start as early as September.
The project will include 100 townhouses and villas, a function centre, cinema and gym, and represents the first stage of a $220m housing and resort project across 18.5ha of waterfront land.
Developer Monopoly Property Group says 85 townhouses and villas have been sold, mostly to property developers from Malaysia and Vietnam, who have applied for permanent residency in Australia.
Monopoly is headed by chief executive Alex Paior, who after close to 40 years as a commercial lawyer, saw an opportunity to transform “the most strategic piece of land in Australia”.
He joined the development group as a minor partner in 2013, convincing directors Ben Howard and Bob Angus that the region was crying out for a development of the kind now underway.
“It was obvious to me that the area needed a better stock of quality accommodation,” he said.
“It’s been a dream of mine. My father worked in Wallaroo when I was a young boy and I absolutely love the place - it’s one of the best locations in South Australia, with the best beaches, the best walking trails.
“And this is probably the most strategic piece of land in Australia – it separates the town from the water.”
The start of construction at Wallaroo Shores comes six years after Monopoly acquired the former Incitec Pivot fertiliser works.
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.
“A large portion of the original land was reserved for heritage use,” Mr Paior said.
“In front of our estate, looking out to the sea, there is heritage-listed land, and the ruins of the old copper smelter and the large smoke stack – the only one left from the smelter - that’s heritage-listed.
“We want to take advantage of that heritage and our development is very much in tune with it.
“What we want to do is complement and acknowledge the heritage of the site.”
Mr Paior has a long history in the state’s development and hospitality sectors. During a 30-year stint as director of the Sparr Hospitality Group he oversaw the development of venues including the Grand and Pier hotels at Glenelg, and the Playford on North Terrace.
Monopoly, meanwhile, is backed by British music promoter turned developer Bob Angus and a group of Southeast Asian and local investors.
The company has overseen the development of the former Mansfield Park Primary School into a 140-lot housing estate, and also has plans to develop 14.5ha of land at Mount Barker.
But for now, Mr Paior’s focus is firmly on the Wallaroo project, where more than 600 houses will eventually be built, as well as a commercial precinct with medical centre, offices, cafes and retail outlets.
“We expect civil works to be completed in September, followed by pouring of the first slabs for the townhouses in October, and we want to get the resort ready for trading by December 2021,” Mr Paior said.
“Over the years young people have moved out of regional areas, to the city, because of a lack of jobs.
“During construction this project will create 1086 full-time construction jobs and it will result in 2205 ongoing full-time jobs, so it will result in significant economic benefits to the region.”