Property tycoon Lang Walker declares Festival Plaza will become Adelaide’s new heart
PROPERTY tycoon Lang Walker has high hopes for his $500 million Festival Plaza development in Adelaide.
- 27-storey Festival Plaza office tower set to receive planning approval
- Festival Plaza artwork by Otto Hajek to be removed for development
ONE of Australia’s richest men, property tycoon Lang Walker, is predicting his $500 million Festival Plaza development will become the heart of Adelaide.
In an interview with The Advertiser yesterday, Mr Walker said the mix of shops, bars and restaurants in a prime Riverbank location, opposite Adelaide Oval, would be a unique drawcard.
Development approval for the Adelaide Festival Plaza project, the centrepiece of which is a 27-storey office tower, was officially announced yesterday.
“I think it’s really great to start with activating that precinct. That’s going to become the heart of Adelaide, in terms of social activity,” Mr Walker said.
The Advertiser on Tuesday revealed the Development Assessment Commission was expected to approve the 108m-high office tower, retail areas and a five-level, 1646-space underground carpark.
When built, the office tower will be the city’s second-tallest building, behind the 31-storey, 132m-high Westpac building.
The office tower, expected to be completed by 2019, will also be home to 3363sq m of retail space on the ground floor, allowing public access to all new buildings on the plaza.
Mr Walker, rated the 17th wealthiest Australian with a $2.02 billion fortune in this year’s BRW Rich 200 List, also said his company was in detailed talks with the Adelaide Casino about leasing 750 spaces in the underground carpark.
The casino is proposing a $300 million expansion, centred on a luxury hotel, with work expected to start next year.
Mr Walker deflected criticism that his office tower would struggle to attract tenants, declaring talks were already advanced with key players from Adelaide, which he said had a shortage of modern offices with large floor spaces.
Asked to comment on whether MPs from nearby Parliament House would have offices there, Mr Walker declared: “I’m confident we’ll fill it without politicians.”
Mr Walker also said he hoped to start work on the $2 billion Buckland Park project, about 35km north of Adelaide’s CBD, near St Kilda. This involves 12,000 houses for 30,000 people over 25 years.
“I’m hoping that we’ll be into it (Buckland Park) by late 2017,” he said.
Mr Walker, who almost a decade ago declared SA was on the cusp of significant growth and said he wanted to invest beforehand, partly attributed delays to the Festival Plaza project to changes in government bureaucracy and ministers.
Declaring his SA focus was now on Buckland Park and Festival Plaza, Mr Walker also highlighted the $2 billion Paramatta Square residential and commercial redevelopment as a significant example of his company’s capital investment.
Urban Development Minister Stephen Mullighan said the DAC concluded the project would bring numerous uses, including retail and commercial, helping revitalise the plaza as a place to visit.
“The Walker Corporation’s development will be a key feature of the transformation, which also includes a $90 million refurbishment of the Adelaide Festival Centre, a new entry to Adelaide Railway Station, a new plaza and northern promenade,” Mr Mullighan said.
“The development will be a key feature of the North Tce skyline, helping to transform what is now a dull and unappealing site into a place all South Australians will be able to enjoy.”