Condon cashes in Tinkerbell project

By DAWN COHEN

DEVELOPER Chris Condon has sold the Tinkerbell devel- opment to the Mirvac Group. Yesterday, Mr Condon con- firmed he has exchanged a pre-sale contract with the Sydney-based company. The Lennox Head resident said he was selling the devel- opment to free up cash for further projects. During construction over the next 12 months, Mr Con- don will participate in some aspects, including the upgrade of traffic facilities around the site. "My involvement will cease at the opening of the shop- ping centre later this year, the Mirvac Group retaining full ownership," he said. Construction begins in two weeks. The controversial develop- ment received council approv-

al last August, but argument over development conditions continued until November. Plans include a Big W department store, an Action Supermarket, 25 specialty shops, a Hungry Jacks, 650 parking spots and a Wool- worths Plus petrol station. On completion, Mirvac expects the project to be worth about $42.5 million.

The diversified property group owns and manages hotels and invests in various residential and commercial properties. Its portfolio of retail centres includes Waverley Gardens in Melbourne and Greenwood Plaza in Sydney. Ballina mayor Phil Silver believes the change of owner- ship will not impact on the coastal town. "There are conditions in place for the development, irrespective of who owns it," he said. Mirvac has had its eye on Ballina for a few years, ac- cording to chief executive, Chris Langford. "We are excited about the growth and economy in the North Coast," he said. "A couple of years ago we had some research done on Ballina and its good invest- ment characteristics." n What do you think? Phone the Star Feedback line on 6624 3266 or email opin- ions@northernstar.com.au



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