Prominent Sydney CBD property developer Terry Agnew has bought a sizeable portion of the West Byron project, prompting claims by the Byron Residents Group that the ‘locally-owned’ aspect of the development now has little relevance.
Approval for the West Byron project, a 108- hectare housing/commercial estate situated opposite the industrial estate on Ewingsdale Road, is expected shortly from the state government.
Agnew, who heads Tower Holdings with a swag of properties, also owns a Great Keppel Island resort, where a $2.5 billion redevelopment is planned. Tower Holdings bought the resort for $16.5 million in 2008 before shutting it down and unveiling ambitious plans for a luxury resort.
And while his plans were thwarted by environmental concerns such as illegal tree clearing, last year he finally gained approval for a reduced 250-berth marina precinct, 750 resort villas and 300 apartments, a hotel and an 18-hole golf course.
Echonetdaily sought comment from Mr Agnew’s office, but as yet there has been none.
The West Byron landowners confirmed the purchase with Echonetdaily through communications consultancy company Charliesierra but played down any negative influence the new co-owner may have.
‘Tower Holdings has joined the landowner group after purchasing Crighton’s holdings earlier this year,’ they said.
‘The entire landowner group, including Tower Holdings, is committed to making West Byron a vibrant community that integrates with the social fabric of the Byron area,’ the PR company added.
No comment on price paid
And while the West Byron group won’t comment on the price paid or the size of land Mr Agnew’s company now owns, title searches by a solicitor on behalf of environmental activist Dailan Pugh put the figure at $7 million and around half the entire property.
Mr Pugh told Echonetdaily that Crighton Properties’ liquidators sold the half-share of West Byron to North Sydney Property Trust (NSPT Pty Ltd) after Crighton went bust in April last year.
He told Echonetdaily that Agnew’s subsidiary NSPT, ‘paid $7,000,000 for the [West Byron] land, as per the land titles office registered transfer. The directors of NSPT are a Terrance John Agnew of Bellevue Hill NSW and Timothy Stringer of Drummoyne NSW.’
Pugh believes that Agnew is now the single biggest owner in the property. Whether that potentially provides a controlling interest in the proposed development is unclear.
Byron Residents Group’s Cate Coorey said, ‘For a long time we have been told that it is local people involved in this development and they have the community’s best interests at heart. Now that a major developer has bought this parcel, it changes the landscape quite a bit.
‘We have always been concerned that the West Byron landowners were simply trying to get the development approved before selling out to a developer who could afford to undertake a project of this size.
‘With Agnew’s purchase of half the site, how long will it be before he expands his holdings?’
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