Billionaire Paul Lederer sells site of Gosford tower development to construction company
Lederer Group founder Paul Lederer has sold a 1.42ha landholding in Gosford which has received master plan approval for the development of five towers.
Billionaire entrepreneur Paul Lederer has sold a development site in Gosford, NSW – earmarked for a $350m commercial, retail and residential project – to Raj and Jai Construction.
The Lederer Group’s 1.42ha Donnison St could accommodate 700 apartments, Colliers national director of capital markets Jon Chomley said.
“With four street frontages and a design that enables the staged development of up to five towers, this is a truly irreplaceable development site.” he said.
It is currently occupied by the former Kibbleplex Shopping Centre. In planning for more than a decade, the Gosford Alive project received conditional approval in 2020 for five towers and commercial spaces.
Colliers director of development sites Eugene White said Gosford has had an increase in new residents over the past two years, largely due to its coastal location and proximity to Sydney’s central business district.
“It is also a highly sought-after retirement area with older residents benefiting from the extensive medical and care services in the region,” he said.
Major investment has gone into infrastructure in the Central Coast as the region’s population grows rapidly. This has included the $358m redevelopment of Gosford Hospital, $200m in work on Wyong Hospital, upgrades to the M1 Pacific Motorway and a planned university campus
The Lederer Group is made up of manufacturers Tomkin Australia, Real Dairy Australia and Mr Lederer’s other investments.
In 2014 Mr Lederer was part of the four-member consortium which bought the A-League licence for the Western Sydney Wanderers soccer club and is currently its chairman.
In 2021, Mr Lederer reaped about $300m from the sale of several regional and suburban shopping malls in NSW to fund manager IP Generation.
However, most of Mr Lederer’s fortune comes from Primo, a smallgoods manufacturer previously owned by his family.
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