DEVELOPER Ingles Group has bought a prime high-rise development site in central Surfers Paradise for $6.3 million.
Ingles Group, which is one of Australia’s largest privately owned residential developers, has bought the 1831sqm waterfront holding at 18 Remembrance Drive in a deal that is set to settle on May 1.
The property enjoys 30m of river frontage and is in an area earmarked for towers up 30 levels.
Ingles Group managing director Graeme Ingles said he planned to eventually redevelop the site, known as the Oak building, but in the short term the 1500sqm building would become the company’s headquarters.
``We have been looking for a suitable headquarters in the heart of Surfers Paradise for some time and when this came up we jumped at the chance,’’ said Mr Ingles
.
``The site also has potential for a high-rise development and we are keeping our options available on that in the future.’’
``I am really quite excited about the range of options the acquisition leaves us with.’’
The Ingles Group already has plans for two high-rise projects on the Gold Coast. It has five major residential projects under way throughout Queensland at Gladstone, Gold Coast, Sunshine Coast and Ipswich. The company is also laying plans for a 600-home masterplanned community in Victoria.
The purchase is the Ingles Group’s second since it announced in December that it was expanding into commercial property investments.
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 QIDC commercial leasing executive Andrew Louey to head up its commercial leasing operations.
Ingles Group director Jordana Ingles said the Oak building, which had once housed the Crooked House restaurant, would require an extensive refurbishment before Ingles Group moved its 40-plus employees.
The 325-seat two-level restaurant was built at a cost of $6 million in 1989 by investor Cliff Hill.
``I think that when it’s finished it’s going to be a terrific headquarters for the Ingles Group,’’ said Ms Ingles.
``At the moment the Ingles Group is spread across two different levels in another building in Surfers Paradise and it’s not really an ideal situation for us.
``The location of the new building is not too far from our previous headquarters but it is a lot easier for clients to get into and has 39 basement car parks.’’
BACKGROUND
THE Ingles Group of companies has developed or have 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 laying plans for a further three more residential estates.
For further information contact Marshall Hall on 0404 195896 or marshall@barepublicity.com.au
