Sydney newcomer William O’Dwyer poised to become high rise king of Surfers after spending $95 million

HE’S the new kid on the block, but he owns it! Sydney developer William O’Dwyer has spent a cool $95m on some of the Coast’s most desirable land.

William O'Dwyer of the Ralan Group at their offices in Chatswod.

SYDNEY newcomer William O’Dwyer is poised to become the high-rise king of Surfers Paradise after taking his spending on development sites to nearly $95 million.

The splurge has made the 49-year-old Welsh-born developer, almost in the blink of an eye, the largest landholder within the tourism heart.

The head of the Ralan group, who a fortnight ago paid $75 million for the Paradise Resort, has picked up an adjoining city block on the southern side of the resort for $19 million.

The buy puts him in control of a total of 3.7ha fronting the Gold Coast Highway at Budds Beach.

RELATED: BILLION DOLLAR TOWER AT PARADISE RESORT

William O'Dwyer spending up big in Surfers Paradise.

The land is approved for six towers and more than 2000 apartments.

Mr O’Dwyer, who came to Australia in his early 20s after an Irish education, would not comment on the latest deal, which is believed to be covered by confidentiality agreements.

Two weeks ago, after buying the Paradise Resort, he said he expected the Gold Coast to be an eastern seaboard property star over the next decade.

He said the city offered “one of the most compelling property opportunities available”.

Mr O’Dwyer, who started the Ralan group 17 years ago and has built thousands of Sydney apartments, bought the Paradise Resort from Melbourne’s Zagame and Pellicano families and intends developing the land over the next five years.

The Ralan group paid $75 million for the Paradise Resort and picked up an adjoining city block on the southern side of the resort for $19 million.

The resort site, which has four street frontages and is approved for four towers and 1650 apartments, is separated from the new O’Dwyer purchase by Norfolk Avenue.

It appears logical that Mr O’Dwyer would seek a trade-off deal with the city council to close the relevant section of Norfolk Avenue to allow development of his two sites to be integrated.

His $19 million purchase has been made from Brookfield, a giant Canadian group that inherited it via its 2012 takeover of Thakral Holdings.

Thakral, which had paid $32.9 million for the 1.18ha property in 2007, had gained approval for 51 and 30-level towers, one of them including hotel rooms.

The two O’Dwyer deals mean that in the space of a month the three major development sites at the northern end of Surfers Paradise have sold.

Last week it was revealed that Melbourne businessman Alan Ali had paid Korean company Hyundai $21 million for a 1.148ha Gold Coast Highway holding across the road from the Paradise Resort.