Billionaire Lang Walker 'lost interest' in ex Le Cornu site

BILLIONAIRE property developer Lang Walker has walked away from a plan to jointly develop the long-abandoned former Le Cornu site at North Adelaide.

Con Makris

BILLIONAIRE property developer Lang Walker has walked away from a plan to jointly develop the long-abandoned former Le Cornu site at North Adelaide.

The state's richest man, Con Makris, has promised to deliver the $200 million project alone, with construction expected to start as early as next January.

Tensions between two of the country's richest men emerged in January, when Mr Makris publicly aired his frustration with Mr Walker's delays, and threatened to go it alone at the site, which has been vacant since 1989.

Makris Group chief executive John Blunt confirmed the short-lived partnership had ended less than a year after it was struck.

"I think he may have just lost interest," Mr Blunt said.

"Whether they were held up with Riverbank (the city Riverbank precinct project) - I'm not sure."

Premier Jay Weatherill confirmed yesterday the Government would soon determine whether it would proceed with Mr Walker's plans for the redevelopment of Festival Plaza. Mr Walker was expected to manage the residential component of the mixed-use North Adelaide development but Mr Makris will now take over control of the entire project.

Mr Blunt said plans were progressing, with approval expected in October. The revised plans included serviced apartments and retail space anchored by a supermarket or a whole-foods market focused on natural produce.

"We want to make it Adelaide's gourmet centre because there's nothing quite like that in Adelaide," he said.

"We're working with the Government Architect and referral authorities and looking to lodge a development application formally in August. Since he (Walker) walked away from the project, I must say Con is probably more committed now than ever before."

Mr Blunt did not rule out the arrival of a major European department store.

Earlier this month, Mr Makris said he was "ready to roll" once given the green light by the State Government's Development Assessment Commission.

"That's the promise - Con Makris to the people of Adelaide," he said at the time. "I want to have the bulldozers here by January."

Walker Corporation declined to comment.