DEVELOPER Ingles Group has acquired a 2024sqm development site in the heart of Brisbane bayside suburb of Redland Bay and is making plans for a major redevelopment of the property.

The Queensland company has bought the property at 152 Broadwater Terrace, on the opposite side of the road from the suburb’s main shopping and commercial precinct, for $1.645.  The site now houses the Redland Bay Motor Inn, which boasts a single storey brick motel with 16 units.

Ingles Group managing director Graeme Ingles said the motel would eventually be demolished to make room for a five storey mixed use development.

``Whilst we are still in the very early stages of planning, our initial plan is to have a retail complex on the ground floor and commercial offices on the first floor along with an element of tourist accommodation.

``The upper three storeys would be set aside for a mix of two and three bedroom apartments. At this stage we are hoping that all of the apartments will be able to have bay views and the plans so far include room for a recreation deck on the roof with barbeque facilities and a plunge pool.

``There will be some parking at ground level and basement parking for around 82 cars.

The acquisition is the Ingles Group’s fourth major commercial purchase since the privately held developer announced in December that it was expanding into the commercial market.

The Surfers Paradise-headquartered developer has previously snapped up a retail holding at Palm Beach for $830,000, the 1831sqm high-rise development site at 18 Remembrance Drive, Surfers Paradise for $6.5 million and the 4925sqm “Maudsland Village” shopping centre site at 148 Maudsland Road, Upper Coomera for $2.55 million.

Ingles Group, which is one of Australia’s largest privately owned residential developers, has also appointed former Lend Lease and QIDC commercial leasing executive Andrew Louey to head up its commercial leasing operations.

The Ingles Group has five major residential projects under way throughout Queensland at Gladstone, Gold Coast, Sunshine Coast and Ipswich. The company is also preparing for a 600-home masterplanned community in Victoria and has plans for two high-rise projects on the Gold Coast.

BACKGROUND

THE Ingles Group of companies has developed or has under development, projects worth in the vicinity of $1 billion. Falling under the umbrella of Ingles Group (Qld) Pty Ltd is Ingles Homes (Qld) Pty Ltd, which is a member of the Queensland Master Builders Association and Housing Industry Association and holds a BSA Gold Card.

In 2006 Ingles Group posted more than $60 million in sales, sold out of a 700-home community on the Gold Coast, almost sold out of another at Gladstone, and is now commencing a further three more residential estates.

For further information contact Sarah Hellewell on 0438 620 865 or sarah@barepublicity.com.au