Millionaire John Singleton to consider buying stalled DAs to get Gosford going

MILLIONAIRE ad mogul John Singleton has thrown a lifeline to struggling developers “holding back” Gosford, saying he has an “open chequebook” to consider buying their stalled projects.

Property, radio and horseracing kingpin John Singleton says he will welcome struggling developers taking their approved DAs to his development company to consider buying their Gosford projects, simply to get progress happening in Gosford’s rundown CBD.

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MILLIONAIRE ad mogul John Singleton this week threw a lifeline to cash-strapped developers “holding back” Gosford, saying he has an “open chequebook” to consider buying their stalled projects.

On the eve of demolition works at the Dutton’s Tavern site on Mann St where his first major development will be built, Mr Singleton — who is No. 155 on the BRW Rich List with a $416 million fortune — said he would be prepared to “put my money where my mouth is” and consider buying out the approved and long-promised major projects in Gosford.

“I’ve put $20-30 million of my own money into the Gosford community, through sporting teams, local politics and various other things, and look at what we’ve got now — a pie shop,” he said in an exclusive interview with the Express Advocate.

John Singleton is that frustrated with the lack of progress in Gosford that he’s prepared to go it alone and consider buying out already approved DAs for major projects to get the rundown CBD modernised.

An artist's impression of John Singleton's first major Gosford development, Bonython Tower.

“There are so many things falling over in Gosford, it’s terrible. Over the past 10-15 years, I’ve brought Lend Lease here, premiers and prime ministers, and nothing’s happened.

“This is why I’ve decided to do it myself. I’m not in this to make money. This is all about growing Gosford to where it should be.”

Mr Singleton vented his frustration at the Coast’s current and former politicians, and called for development policy reform.

“We’ve had low-calibre leadership for a long time. They are all lovely people, but let’s face it, they’ll never be prime ministers,” the property, radio and horseracing kingpin said. “What I’d like to see is for council to look at a ‘use it or lose it’ policy when it comes to DAs — and whether it can be done retrospectively.

The Dutton’s tavern site in Gosford is set to be knocked down to make way for John Singleton’s $35m Bonython Tower.

“But what I’m saying today is that if anyone is looking to sell DAs, contact my company (John Singleton Group at West Gosford). There are so many sitting there, but I’ll be happy to consider any of them. If it makes sense, we’ll do it.”

Mr Singleton’s first high-rise project, Bonython Tower, is set to transform the main street of Gosford’s neglected city centre with an impressive $35 million development.

The wrecking balls are expected to start levelling Dutton’s Tavern site early next week, paving the way for a “world-class”, 13-storey tower comprising 56 apartments and two penthouses, one of which has already sold for a Gosford record of $1.5 million.

The ground floor of Bonython Tower in Gosford will have a high-class restaurant.

It will also have 1300sq m of new commercial office space, along with a high-class restaurant and bar on ground floor, rivalling fine-dining establishments in Sydney and Melbourne.

“I’ll feel really proud when this is done,” Mount White-based Mr Singleton said.

Inside one of Bonython Tower’s apartment.

“This will be the start of making Gosford a better place. We’ve already sold 75 per cent (of the apartments) off the plan, but we’ll be holding back the rest until it’s built this time next year.

“Our knockdown (of Dutton’s) will be the first in (the main street of) Gosford for a long time. It shows I’m fair dinkum about growing Gosford.”