Larry Kestelman’s $200m development carrot for Tasmanian government

Greater state government engagement is needed to unlock development worth $150m to $200m at Wilkinsons Point, NBL owner and property developer Larry Kestelman says.

What the Wilkinsons Point development in Glenorchy, Tasmania could look like. Image: Wilkinsons Point Precinct

Greater state government engagement is needed to unlock development worth $150m to $200m at Wilkinsons Point, NBL owner and property developer Larry Kestelman says.

Although said to be imminent two years ago, the sale of part of the land near MyState Bank Arena for development has not gone ahead.

Plans for a revitalisation of the site could easily be reinvigorated, Mr Kestelman said on Friday, during a visit to Hobart.

The mooted hotel, mixed retail and hospitality project is not part of the development application currently before the Glenorchy City Council for a government-funded multi-sport facility.

“I just need engagement and you’ll see me invest what I think will be still around about $150m to $200m in development around Wilkinsons Point,” Mr Kestelman told the Mercury.

“For that sort of an investment to happen, I need a strong partner who can work with us and make that happen during what are tough times.

“I think it can still be done. I just need proper engagement from government.

“We have plans, we have a clear vision for what we want to do for Wilkinsons Point, and I think it commercially can work.

Larry Kestelman owner of the Tasmania JackJumpers and owner and executive chairman of the Australian National Basketball League. Picture: Nikki Davis-Jones

“However, it’s a partnership, I need someone from government to stand up and engage with us properly as to what needs to be done there.”

A Tasmanian government spokesman said $49m had been allocated to develop the new community multi-sport facility and JackJumpers high-performance training facility at Wilkinsons Point.

“The development application for these facilities has recently been submitted to Glenorchy City Council, which is currently reviewing and preparing the documents to be made publicly available shortly,” the spokesman said. “The agreement in relation to LK Group’s proposed development of the broader Wilkinsons Point is yet to be finalised.

“The Tasmanian government is keen to see development on this prime site and continues to engage positively with the LK Group on its proposal.”

Wilkinsons Point features MyState Bank Arena, home to the JackJumpers, and the city’s biggest indoor events venue.

Mr Kestelman said Tasmania needed to work harder to get the best out of the venues it has now and is developing in the future.

“Right now, there is no strategy for bringing events to Tasmania,” he said.

“You’re talking about potentially building a 25,000-seat arena, and you have right now a 4500- or 5000-seat arena. The ideal number, talking to all the promoters, to be able to bring concerts here is about 10,000.

“I truly believe that MyState Bank Arena at some point – in the middle layer – should be the main indoor arena for viable concert venues.

“I think if it stays at the size that it is long term, I think that’s a wasted opportunity.

“In an ideal world I think MyState Bank Arena becomes a 10,000-seat indoor venue and the new stadium is 25,000.

“It’s not great if one venue is so big that you can bring Ed Sheeran, but then you miss out on every other event.”