Found in Todays Herald Sun Homes plan for Fox's GP site Nicole Lindsay Property Editor 09aug05 TRUCKING magnate Lindsay Fox is believed to be close to submitting plans for a $500 million residential development on Phillip Island. The $500 million project is 10 times the scale of the $50 million hotel for which Mr Fox has a permit. Property industry sources say Mr Fox plans to submit a proposal for 500 three-storey townhouses on the 274ha parcel of land where the Australian Motorcycle Grand Prix is run. The development is believed to include a 27-hole golf course as well as the original 160-room five-star hotel with convention facilities. Mr Fox bought the site, which includes the 106-hectare racing circuit with its 4.4km track, for $10 million last year. Mr Fox's son, Andrew Fox, was not available for comment yesterday. Bass Coast Shire is believed to have been briefed on the plans last week. Bass Coast Shire chief executive Allan Bawden said there had been ongoing discussions with the Fox group over plans for the site. "Lindsay Fox took ownership of the race course just over 12 months ago," Mr Bawden said. "They've been developing a master plan for future use of the site." The council had recently extended the hotel permit for a further two years, he said. Some changes had also been made to the permit, but they were minor, he said. "There's been ongoing discussions but nothing formal as yet." The major residential plans are unlikely to get a warm reception from Planning Minister Rob Hulls, who is already unhappy with planning in Bass Coast. Other developments still waiting for ministerial approval in the area south-east of Melbourne include a 27-hole resort-style golf course at Tarwin Cove, east of Inverloch, and a 200-unit eco-village at Cape Paterson. Mr Fox made his money in trucking but he has recently made moves into entertainment. He bought Luna Park in St Kilda for $7 million in June and is understood to be making a bid for the neighbouring St Kilda Triangle site, which takes in the Palais Theater and the Palace nightclub. In partnership with Becton founder Max Beck, he is developing a $100 million business park and discount retail precinct at Essendon Airport.