Lang Walker

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The Sydney based property tycoon Lang Walker has abandoned plans to build a $400 million office tower in Brisbane’s Fortitude Valley.
Fund manager EG has bought the site at 801 Ann Street from Walker Corporation for $27.72 million.
Walker paid $22.2 million in 2015.
Designed by COX Architecture, the proposed tower (above and below) consisted of 46,659 sqm of gross floor area (commercial and retail).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/11/Ann-St3.jpg" alt="">
Walker general manager for Queensland development Peter Saba had previously believed the tower would raise the bar for commercial property.
A previous development application was lodged for the site by Walker Corporation in December 2014 which consisted of two 19 and 23 storey residential towers.
In mid-2017 Saba said the slowdown in the inner-city high-rise residential market due to oversupply had been behind the decision to scrap the residential towers plan.
"The outlook for the commercial property sector is brighter," Mr Saba said at the time.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/4/11/Ann-St2.jpg" alt="">
The asset will be acquired for the Yield Plus Infrastructure No.2 fund which was launched in August 2016 with a $750 million real estate mandate. 
Ann Street, Fortitude Valley is the 8th asset to join the fund which has now acquired approximately $330 million of assets across Australia. The fund strategy is to acquire yield producing real estate with repositioning potential, near new or upgraded infrastructure.  The transaction was brokered off market by Seb Turnbull of JLL Brisbane.
EG associate director capital transactions, Sean Fleming noted the island site allowed "a number of opportunities to enhance the value of the asset over the long term." 
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Backflipping tycoon Lang Walker finally quits Brisbane’s Fortitude Valley

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Billionaire property developer Lang Walker, executive chairman of Walker Corporation, has thrown his financial support behind the “United for Macarthur” A-League bid to establish a team in South West Sydney.
If successful, Walker Constructions will become a strategic partner of the A-League team, and also have substantial input in the upgrade of the stadium, other local sporting facilities and football clubs in the region.
Walker has elevated his involvement in the bid by committing to take a shareholding in the “United for Macarthur” entity vying to be the third A League licence in the Sydney region.
The move puts financial clout behind Mr. Walker’s existing role as business ambassador for the group.
The “United for Macarthur” bid is based on a co-operative, community-based model, playing in Campbelltown representing South West Sydney, communities in the Camden and Wollondilly areas as well as reaching parts of the Southern Highlands region to compete in the A League.  
The South West region will be the fastest growing Sydney corridor over the next 5 to 15 years with Government projecting the population to exceed over one million people. The bid has already attracted strong support from industry, sporting, political and community leaders. 
“We are very active in the Macarthur and the South West community, providing high quality housing and infrastructure to the region, and I am honoured to have been invited to participate in what I believe is a very compelling proposal,” Walker said.
“Sydney’s south-west is growing rapidly and has the facilities in place, with the centerpiece being Campbelltown Sports Stadium, to quickly become a force in the A-League,” he added.
While the bid carries the name “Macarthur” the reality is that the true catchment area for the A League submission extends well beyond the Macarthur region. The bid is framed to be a true community-based model embracing football fans and associations across the whole of Southwest Sydney.
Walker strongly believes the football-rich southwest region is deserving of an A League franchise and would like to see all football entities in this region come together to achieve this goal. This may include other Southwest Sydney clubs and business leaders who are invested in the process.
“The best opportunity to be one of the two teams awarded a new licence for the expanded A League is for the whole region to work together towards that goal,” he said.
The “United for Macarthur” bid is aligned to the State Governments Corridor Strategy, which will see Leumeah transformed into a regionally significant sporting and entertainment precinct.
Mayor of Campbelltown, Cr George Brticevic, said he was proud to have Mr Walker on board with a project that promises to offer so much to the Macarthur region.
“We are delighted to see Lang and his team join as shareholders in the Macarthur United Football Co-operative.  This Co-operative is now driving the Bid for the establishment of a new A League Team for our Region.  This opportunity would provide a significant boost to the Macarthur region and beyond” he said.
“Mr Walker’s increased commitment is compelling evidence of the strong chance we have in winning the bid, and an endorsement of our unique community-based model”.
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Lang Walker

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