Global firm in Killalea venture
By SARAH ALLELY
GLOBAL investment firm Babcock & Brown has snapped up a 50 per cent share of the proposed development at Killalea State Park, it was revealed yesterday.
The development, which has sparked community outrage and threats of union green bans, will now be a joint venture between Babcock & Brown and Mariner Financial under the banner Killalea Coastal Investments.
A spokesman for the developers said yesterday an extensive community consultation would begin soon, before a development application was lodged in about nine months.
The spokesman, Peter White, from consultancy firm Peter C White and Associates, said Babcock & Brown had been involved in initial talks on the Killalea project before Mariner came in.
Mr White also revealed further details of the proposal, billed as The Farm village, during a visit to the site yesterday.
He pointed out where the park road would be re-aligned west to the top of the ridge, and indicated where one of the three areas to be leased would run from 30m north of the kiosk and stretch along the existing road south-east beyond the car park.
He said the kiosk would be relocated, and 81 cottages and recreational facilities would be built so that public views of the beach would be preserved.
However, the Mercury was refused a copy of the detailed concept plans for The Farm development on the eastern ridge.
Mr White said 95 per cent of the 202 cabins would be one storey.
The Killalea Park Trust, which first began discussions with developers in 1998, has already received a down payment of $600,000 from the developer. Trust chair Ed Gilmore said the money covered legal and consultant fees.
The 52-year lease, which covers three land parcels, was granted by Lands Minister Tony Kelly in April.
It will cost the developer $13.5 million by the end, but the Government has repeatedly told the Mercury that the money raised will not stay at Killalea.
Mr Gilmore disputes the claims.
Concept plans for the development were presented to Shellharbour City Council on Thursday night.
Illawarra Mercury - 2 June 2007 (Page 9)
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