Con Makris reveals he sold North Adelaide Le Cornu site for $34m to Adelaide City Council — says they’ll turn it into a car park
BILLIONAIRE property developer Con Makris has revealed he sold the North Adelaide Le Cornu site for a “dirt cheap” $34 million to the Adelaide City Council — and he reckons he knows what will become of it.
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BILLIONAIRE property developer Con Makris has revealed he sold the North Adelaide Le Cornu site for a “dirt cheap” $34 million to the Adelaide City Council — and he says they want to turn it into a car park.
Mr Makris, who spoke to The Advertiser after settlement on Tuesday on the O’Connell St site sale, said he sold it to the council “for the good of Adelaide” after years of fighting and “pain”.
“The price they paid, $34 million, it was a bargain,” he said. “That site for 17 years cost me roughly up to $50 million.
“I had some dreams … I wanted to leave a legacy here in Adelaide but I can leave my legacy elsewhere now.”
Mr Makris was offered more money for the 7535 sqm site but said he sold it at land value because the State Government and council “were gentlemen”.
“I think they are going to build a big car park there, which the people of North Adelaide need,” he said.
The Makris Group’s last plan for the site included a $200 million development and hotel, but he said plans approved by the State Government would have caused a $30-40 million loss.
Mr Makris hit back at critics who said he sat on the site, calling them jealous. “Adelaide is very famous for its tall poppy syndrome,” he said.
He also revealed he has “big plans” to upgrade The Village at North Adelaide, next to the Le Cornu site.
He said Cr Anne Moran should be happy with the sale because “she can’t give me any more pain”. “That place would have been built 14 years ago if it wasn’t for her,” he said.
But Cr Moran said council could not assess his plan due to the zoning. “What he is suggesting is disgraceful,” she said. “I wanted Mr Makris to proceed.”
Lord Mayor Martin Haese confirmed the cost of the site, saying: “This was a fair price to secure this strategic site and end the uncertainty that has existed for nearly 30 years.”
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