DEVELOPER Ingles Group has bought its third commercial site in less than two months.
The Surfers Paradise-headquartered developer, which announced in December that it was expanding into commercial development, has snapped up a retail holding at Palm Beach for $830,000.
Ingles Group, which is one of Australia’s largest privately owned residential developers, has also recently bought the 1831sqm waterfront Oak holding at 18 Remembrance Drive, Surfers Paradise for $6.5 million
In January the group purchased the 4925sqm “Maudsland Village” site at 148 Maudsland Road, near the Upper Coomera hotel, for $2.55 million. It has also appointed former Lend Lease and QIC commercial leasing executive Andrew Louey to head up its commercial leasing operations.
Its latest purchase, the 5979sqm Palm Beach property at 1395 Gold Coast Highway, comprises a shop tenancy at the front with a residence at rear and is just metres from the beach.
Ingles Group managing director Graeme Ingles said the company had initially been interested in the Palm Beach site as a re-development opportunity and had held preliminary talks with adjoining neighbours.
However, Mr Ingles said the company was now likely to hold the property as an investment for the mid-term. The holding is zoned for commercial uses.
The property was put on the market in November last year by Brisbane company Pleasant Foods and it was passed in at auction in on a bid of $810,000 in December. The Ingles Group purchased the building in post-auction negotiations.
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 Marshall Hall on 0404 195896 or marshall@barepublicity.com.au
