Lang Walker’s 50-year walk into property hall of fame

Lang Walker, inducted into the Australian Property Hall of Fame this week, is unsure of his Kokomo resort project.

Walker Corporation chairman Lang Walker.

“I’m not sure we will get all our money back,” Lang Walker told an audience in Canberra, an unusual admission from the billionaire developer who was inducted into the Australian Property Hall of Fame this week.

The property veteran was talking about his first venture into resort development — Kokomo Island in Fiji, where he is selling five luxury villas for $US15 million ($20m) a piece, admitting he had taken on something he knew nothing about: operating a resort.

Mr Walker romped through a 50-year career that started with buying two houses in Sydney’s Miranda in 1968 to the multi-­billion-dollar projects his Walker Corporation has built locally and offshore.

The late Stuart Hornery was also inducted into the he Property Council’s Hall of Fame at the Parliament House dinner on Tuesday evening.

Hornery, who died in 2012, was credited with building Lendlease into a $10 billion construction behemoth during his time as managing director and chairman and with establishing leading not-for-profit organisations for training and communities.

Mr Walker told the audience that he and then new wife Sue lived in the Miranda house, where the bathroom and toilet were out in the back yard, during the late 1960s.

“Sue asked why we didn’t live in the other house with the bathroom (inside), but we were getting better rent on that one,” Mr Walker said.

Sailing and skiing fitted around work and sometimes led to development projects with Mr Walker saying he had only sold the last home in his long-term US skifields development before Christmas for $US25m

“We have had 50 years of unbelievable fun,” Mr Walker said. “Work hasn’t been work, it’s been an unbelievable hobby.”

Locally, he called for planning reforms in NSW. “Melbourne’s land prices are half Sydney’s,” he said. “The production and the planning system (in Melbourne) is so much better.”

Earlier, federal Assistant Minister for Cities and Digital Transformation Angus Taylor told the dinner to expect another swag of city deals.

He said the government was looking to partner with state and local governments and corporations to deliver better cities and provide more affordable housing.

The challenge was to create affordable homes close to jobs, schools, services and transport.