Billionaire Internet Mogul Secures Deal for 500M Mixed-use Precinct in Tasmania
Billionaire internet mogul and property developer Valarie “Larry” Kestelman has finalised a deal to acquire 15 hectares of Crown land at Wilkinsons Point, 10km north of Hobart’s CBD, for a $500-million tourism and entertainment precinct.
The Tasmanian Government confirmed the sale will be determined by the Valuer-General, marking one of the most significant private investments in the state’s history.
GALLERY
Kestelman, best known for founding internet service provider Dodo and owning the National Basketball League (NBL), is leading the project through his Melbourne-based LK Group. The proposed development will feature a retail precinct, resort, hotel complex, and extensive public amenities, complementing the existing MyState Bank Arena—the home of the Tassie Devils NBL team.
The MyState Bank Arena, formerly the Derwent Entertainment Centre, underwent a $56-million upgrade in 2021 as part of a broader $125-million investment by the Tasmanian Government in Wilkinsons Point and associated infrastructure. LK Group was instrumental in the arena’s redevelopment and now aims to further transform the precinct into a premier tourism and entertainment hub.
The ambitious masterplan for the site, designed by architects Fender Katsalidis, landscape architects Oculus, and planners Ireneinc, includes a 12-storey, 250-room hotel, 120 student apartments, and a sports centre with basketball courts, gyms, and waterfront dining. The development will also extend public walkways along the River Derwent to a planned ferry terminal, enhancing accessibility and connectivity.
“With MONA continuing to lead the global art scene and Simon Currant’s innovative immersive experience planned for Cadbury’s in Claremont, the northern suburbs will become a tourist destination with this world-class development and infrastructure,” said Tasmanian Premier Jeremy Rockliff.
Fender Katsalidis echoed the sentiment, stating that the goal is to create a sports and entertainment precinct that mirrors the cultural impact of MONA. The state government has committed to additional infrastructure, including parking and services, to support the project’s success.
The announcement comes amid controversy surrounding the proposed $775-million Macquarie Point Stadium, which has faced public opposition, cost overruns, and delays. Similarly, the state is managing financial challenges related to the new Spirit of Tasmania ferries and associated port infrastructure at Devonport.
As Tasmania navigates these broader infrastructure debates, the Wilkinsons Point development stands out as a landmark private investment, poised to reshape the region’s tourism and entertainment landscape.
Images via The Urban Developer
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