Billionaire Sydney property developer Lang Walker AO has died, aged 78.
In a statement released on Sunday, his family hailed Walker as a “devoted and loving husband, father and grandfather” and “visionary” who shaped postwar Australia with his expansive builds.
“Lang loved creating incredible places where people can live and work, but he loved his family more than anything else in the world and his generosity and affection had no boundaries.
“Our hearts are broken by the loss of a great man who changed the lives of so many people through his visionary projects and philanthropy.”
“His zest for life and his relentless pursuit of perfection lives on within everyone in the Walker family.”
David Gallant, the managing director and CEO of the Walker Group, said that Walker had set up a $36bn project pipeline and a transition plan to secure the company’s future over the long term.
“Lang’s vision will remain an enduring force through the Walker DNA and the Walker way which he actively passed on – it is embedded in our culture and our modus operandi,” Gallant said.
“The vital importance of business continuity and the need to maintain key relationships to retain our pre-eminent position has been instilled in all of us.”
Walker started out in business in 1964 as a partner in his father’s earth-moving business, A&L Walker.
In 1972 Walker formed the Walker Group and pivoted into property development, eventually specialising in redeveloping large city sites, overseeing ambitious billion-dollar projects.
Among his notable developments are King Street wharf, Finger wharf, Parramatta square, Collins square in Melbourne and Festival tower in Adelaide.
This work also brought him a vast personal fortune.
Walker first entered the Australian Financial Review’s rich list in 1986 with an estimated net worth of $20m and never left. He went on to sell the bulk of his company twice, first in 1999 before the dot-com bubble burst and in 2006 before the global financial crisis.
As of 2023, Walker was considered the 16th richest man in Australia, boasting a personal wealth of $5.b1bn, including a private island in Fiji and a luxury superyacht – all named “Kokomo”, the pseudonym of a composer whose music he played as a child.
As a philanthropist, Walker was known for making lavish donations through the Walker Family Foundation, including patronage of the troubled Powerhouse Museum, Campbelltown hospital and even the bicentennial of the NSW parliament to be celebrated in 2024.
These donations attracted scrutiny over how they brought a benefit to the New South Wales state government and were often timed to coincide with applications on new projects.
Walker – who, according to The Age, was said to have boasted he could “buy and sell” any government in Australia – also regularly faced criticism for donations to both major political parties at both state and federal level over the last two decades. These concerns contributed to a total ban on political donations from property developers in New South Wales in 2010.
Walker died peacefully on Saturday night in Woolloomooloo, and is survived by his wife, three adult children and 10 grandchildren.
