Billionaire Larry Kestelman to turn prime Hobart land into a family resort and hotel
A multi-use retail precinct, family resort and hotel will be built on a prime parcel of government-owned land in Hobart’s northern suburbs.
The government is selling the “surplus” land, which is just 15 minutes from Hobart’s CBD, to Larry Kestelman’s LK Group.
According to Premier Jeremy Rockliff, the $500 million Wilkinsons Point project will be one of the most significant private investments ever made in Tasmania.
The sale price is currently undisclosed.
“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,” Rockliff said.
“By partnering with private enterprise, we are excited for what will be more than $1 billion in economic activity that will follow.”
Kestelman’s wants to turn the land into a Melbourne’s Southbank type precinct and his plans include a 12-storey, 250-room hotel, a multi-purpose community centre, food and beverage facilities, sports-related retail, public spaces and trails.
The state government will fund critical “common-use infrastructure”, including a new Wilkinsons Point ferry terminal, services and associated parking facilities.
Other highlights are expected to include the world’s largest chocolate fountain experience at Cadbury.
“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,” Rockliff said.
“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.”
Kestelman believes the development should be family friendly to maximise the area.
“I really believe in the vision for this development. We’re going to try to bring some new big-box retailers to the precinct. So in my mind, it’s a massive risk on our part, but I believe in Tasmania.”
An ALDI could also be on the cards.
“As soon as I’m walking out of here, I’m picking up the phone and calling ALDI and seeing how we can get them here,” he said.
“I’ve heard it loud and clear from the Tasmanian people. So we’ll see if they want us, [it] sounds like we want them, so we’ll try to facilitate.”
Glenorchy Mayor Sue Hickey is backing the development.
“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.”
Jonathan Jackson, 25th February 2025
