Hobart northern suburbs site to be sold for $500 million multi-use retail precinct, family resort and hotel

A Tasmanian Government owned parcel area of land at Wilkinsons Point in Hobart’s northern suburbs - surrounding the MyState Bank Arena - is to be sold off to private developers and turned into a multi-use retail precinct, family resort and hotel.

15-hectare site, just 15 minutes from the Hobart CBD, will be acquired by the LK Group, whose Executive Chair is Larry Kestelman - owner of the NBL which announced the sale of MyState Bank Arena tenant the Tasmania JackJumpers at the weekend.

Advising that the $500 million project will be one of the most significant private investments ever made in Tasmania, Tasmanian Premier, Jeremy Rockliff stated “It’s clear that investors can see the potential here in Tasmania and an investment of this size is a huge vote of confidence in the Tasmanian economy and the northern suburbs.

“By partnering with private enterprise, we are excited for what will be more than $1 billion in economic activity that will follow.”

Kestelman first unveiled plans for the waterfront in 2019, which then included a 12-storey, 250-room hotel, a multi-purpose community centre, food and beverage facilities, sports-related retail, public spaces and trails.

He has previously spoken of his intention to use the land to recreate a precinct similar to Melbourne’s Southbank.

As part of the development agreement, the Tasmanian Government will fund critical “common-use infrastructure”, including a new Wilkinsons Point ferry terminal, services and associated parking facilities.

Premier Rockliff said the new “world-class” precinct, located near MONA and the planned world’s largest chocolate fountain experience at Cadbury, will turn the northern suburbs into a “tourist destination”.

He added “not only will new jobs be created during the construction period, but there will also be hundreds of ongoing jobs as a result of this transformational project.

“This is a massive win for our tradies and local suppliers, with thousands of jobs and years of work set to be activated across three exciting stages of development on the site.”

Glenorchy Mayor Sue Hickey said she is the “happiest Mayor” in Australia, noting “this is a significant investment in our city … it will bring lots of jobs, lots of activity, and give us some of the hospitality infrastructure that this city needs.

“Just to see this magnificent point developed and still retain the public amenity is a really important game-changer.”

The value of the land is yet to be determined by Tasmania’s Valuer-General.

Images: Aerial view of Wilkinsons Point in Glenorchy (top) and a previous concept image for a multi-use precinct at Wilkinsons Point (below, credit: FK Australia).