Premier Jeremy Rockliff reveals sale of land to Larry Kestelman for ‘transformational’ project
Basketball millionaire Larry Kestelman first revealed plans for an interstate-style precinct at Glenorchy six years ago. Read why it is finally going ahead.
Tasmania
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The state government will sell crown land to basketball millionaire and property magnate Larry Kestelman for a $500m retail precinct, family resort and hotel near the MyState Bank arena – nearly six years after the development was first flagged.
The NBL chief revealed in 2019 he wanted to build a Southbank-style precinct at the former Derwent Entertainment Centre, modelled on Melbourne and Brisbane retail and entertainment hubs.
Premier Jeremy Rockliff will announce on Sunday that the government will sell the surplus crown land at Wilkinsons Point to the LK Group at a value determined by the Valuer-General.
He has described the development as one of the most significant in Tasmania saying it will transform the waterfront precinct and provide an economic boom for the state.
“It’s clear that investors can see the potential here in Tasmania, and an investment of this size is a huge vote of confidence in the Tasmanian economy and the northern suburbs,” Mr Rockliff said.
“By partnering with private enterprise, we are excited for what will be more than $1bn in economic activity that will follow.
“This is a massive win for our tradies and local suppliers, with thousands of jobs and years of work set to be activated across three exciting stages of development on the site.”
Mr Rockliff said as well as new construction jobs there would be “hundreds of ongoing jobs as a result of this transformational project”.
“The government is backing business, jobs and economic growth,” he said.
As part of the agreement, the government will proceed with developing the Wilkinsons Point ferry terminal, services and associated parking facilities.
“We are activating the northern suburbs corridor, and the expansion of our ferry network will further benefit connectivity in the area,” Mr Rockliff said.
“With Mona continuing to lead the global art scene and Simon Currant’s innovative immersive experience planned for Cadbury’s in Claremont, the northern suburbs will become a tourist destination with this world class development and infrastructure.”
Six years ago Mr Kestelman said a precinct like Melbourne’s Southbank will drive seven-days-a-week traffic in the area and become a destination mecca for locals and tourists.
“Considering you have Mona across the ditch, you have a beautiful area that walks around to that, I think that you need the two to get linked and I think we can definitely turn it into a destination and a precinct,” he said at the time.
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Originally published as Premier Jeremy Rockliff reveals sale of land to Larry Kestelman for ‘transformational’ project
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