Senior execs step up to steer Lang Walker’s legacy
The real estate empire built up over decades by billionaire developer Lang Walker, who died over the weekend, will be steered by a trusted group of senior executives as part of the Walker family’s longer-term plans for the extensive property portfolio.
Mr Walker, who was 78 when he passed away, had already put in place succession planning within the business early last year, handing over responsibility for running the company and its $36 billion development pipeline to a group veteran executives.
Lang Walker at his Parramatta Square development in Sydney. Kate Geraghty
Under that structure, nine group-level executives are led by David Gallant, chief executive and managing director, who has worked at the company for more than 20 years and been involved in some of its projects. He has further support from two directors, both veterans of the company.
Mr Walker was the sole shareholder of Walker Group Holdings, the parent company. He is survived by his wife, Sue, children Blake, Chad and Georgia, their spouses and 10 grandchildren. All three children hold positions at the philanthropic Walker Family Foundation and are active in the family property business.
“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,” Mr Gallant said in a statement on the weekend.
“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.”
Mr Walker leaves behind both an array of ambitious residential development projects and a steadily growing investment portfolio of commercial properties, which generated more than $290 million in rent in the 2023 financial year. The company itself delivered a dividend of $2.65 million in the last financial year.
The investment portfolio comprises over $9 billion of prime assets in Sydney, Melbourne and Adelaide. Its trophy towers include the Collins Place complex in Melbourne, the more recently developed Parramatta Square in Sydney and in Adelaide, the $2 billion One Festival Tower.
The portfolio will be managed by the executive team for the long term and is on track to grow to $20 billion over the next decade as new projects – such as the Goods Shed development in Melbourne’s Docklands – are completed.
The Walker workbook is also powered by development sales as residential lots are sold off, a business which generated $211 million in revenue last year. Its pipeline includes a 30,000-lot land bank of greenfield housing and 10,600 apartments. It has another 45,000 lots across three extensive housing estates under development at Johor Bahru in Malaysia, near Singapore, and a high-profile private island resort in Fiji, Kokomo.
The late Rich Lister has left his legacy is rude financial health as well, with the Walker Group’s balance sheet reporting close to $3 billion in net assets.
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