THE company of billionaire developer Lang Walker, the Walker Corporation, has bought waterfront land near Coffs Harbour in NSW for a $100 million-plus housing development.
The 60ha North Sapphire Beach development, 8km north of Coffs Harbour, was previously owned by the local Cougle family, which is working with Walker to finish the remaining four stages.
“North Sapphire Beach is one of the last waterfront development sites on the mid-north coast and Walker was attracted to the unique nature of the site, its expansive beaches and great opportunity for buyers to build their dream home just metres from the beach,” said Mr Walker, who is executive chairman of Walker Corporation.
The company would not disclose how much it paid for the project but the end value of the development is expected to exceed $100m. Prices for lots at the development start at about $220,000 and half of the estate is already sold, the company said.
Walker is selling lots and also house and land packages, with local builders, including Adenbrook and Perry Homes.
The next land release at North Sapphire Beach, named the Beachside, comprises 12 exclusive beachside housing lots, priced from $430,000.
The level lots cover an average 665sq m and will form an exclusive gated community just metres from the beach.
“Our experience also tells us that waterfront property benefits from consistent demand and capital growth,” Mr Walker said.
“As one of the last opportunities to purchase waterfront land on the NSW coast, we believe North Sapphire Beach will make a great lifestyle investment for families.”
Walker is is also developing Appin Valley and North Sapphire Beach in NSW, Banksia Grove in Western Australia and Riverlea in South Australia.
Mr Walker cashed up in 2006, selling the bulk of his extensive property holdings for $1.25 billion. Some of Walker’s residential projects during the past few years include Sydney projects such as the Finger Wharf at Woolloomooloo, Rhodes Waterside and Balmain Cove.
In Melbourne, Walker Corporation has developed Main Drive Kew, and, in Queensland, Hope Island Resort.
Last month, Walker announced it had purchased land in Brisbane’s inner west from developer
John Hayson Sydney
-based to embark on a new $100m-plus development with shops and 243 apartments in two towers, 12 and 20 storeys high.
The 3240sq m property fronting Milton Railway Station on Railway Terrace is an amalgamation of eight housing lots.
Walker plans to build one and two-bedroom apartments priced between $420,000 and $550,000 within the traditionally industrial and low-density residential area where the Lion Nathan Brewery is also located.
Also last month, Walker was in negotiations to sell a portfolio of industrial properties worth close to $150m to Tony Pitt’s 360 Capital Property Group. It is believed a deal is still to be finalised.
Overall, Walker’s pipeline of projects is worth about $4.3 billion. The $1.3bn five-year commercial development Collins Square in Melbourne is its largest.
Last year, BRW magazine’s Rich 200 put Mr Walker’s worth at $1.74bn.