Developer dumps plan for Richmond
Zig Inge, founder of the retirement living company Zig Inge Group, and his son, joint managing director Peter Inge, bought the sizeable property south of the Victoria Gardens shopping centre for $8.42 million in mid-2009. They now expect to sell it for more than $13 million after receiving a permit to build a major mixed-use project.
The 5178-square-metre site, which fronts Appleton, Doonside and David streets, will be home to 189 apartments, 19 townhouses and 850 sq m of commercial space.
Northgate Hall Pty Ltd, the Inge-controlled company listed on title records as the owner, had originally sought to build a larger complex but its plans were scaled back by the Victorian Civil and Administrative Tribunal last year following council opposition.
The property is being marketed through an expression-of-interest campaign run by CBRE's Scott Orchard and Justin Clarkson.
"The large land holding, favourable permit, scheme by renowned Melbourne architect RotheLowman, and ability to stage the project marketing and development, make a compelling story," Mr Orchard said.
Research by Charter Keck Cramer shows there is a significant amount of residential development occurring in the precinct around Victoria and Burnley streets, with more than 1470 apartments recently completed or under construction. Another 145 units are being marketed for development.
But developers who are active in the area, including Salta Properties, say demand remains strong. Salta has sold more than 70 per cent of the 500 apartments in its $250 million Green Square project. The remaining units will be released in September and the development is due to be completed by mid-2014.
A representative of the Zig Inge Group did not respond to a request for comment.
cvedelago@fairfaxmedia.com.au
Frequently Asked Questions about this Article…
The site is owned by Northgate Hall Pty Ltd, an Inge-controlled company linked to Zig Inge and his son Peter Inge of the Zig Inge Group. CBRE agents Scott Orchard and Justin Clarkson are marketing the site, while the scheme was prepared by Melbourne architect RotheLowman.
The planning permit covers a mixed‑use project on the 5,178‑square‑metre site including 189 apartments, 19 townhouses and about 850 square metres of commercial space. The site fronts Appleton, Doonside and David streets south of the Victoria Gardens shopping centre.
According to the article, the Inge‑controlled company has abandoned plans to develop the site and will take it to market after securing a planning permit. Earlier plans for a larger complex were scaled back by the Victorian Civil and Administrative Tribunal (VCAT) last year following council opposition.
Zig and Peter Inge bought the property in mid‑2009 for $8.42 million. They now expect to sell it for more than $13 million after receiving the planning permit.
The property is being marketed through an expression‑of‑interest campaign run by CBRE agents Scott Orchard and Justin Clarkson. Mr Orchard highlighted the large land holding, favourable permit, RotheLowman scheme and the ability to stage marketing and development as a compelling story for buyers.
Research by Charter Keck Cramer shows significant residential development around Victoria and Burnley streets, with more than 1,470 apartments recently completed or under construction and another 145 units being marketed for development. Developers active in the area, such as Salta Properties, say demand remains strong.
The article cites Salta Properties as active in the precinct: Salta has sold more than 70% of the 500 apartments in its $250 million Green Square project. The remaining units were due to be released in September and the development was scheduled for completion by mid‑2014, according to the article.
Key points for investors from the article: the Inge family is selling a sizeable 5,178 sqm Richmond parcel with an approved mixed‑use permit; the permit and architected scheme (RotheLowman) are being pitched as value drivers; local research shows heavy residential activity nearby, and CBRE is running an expression‑of‑interest campaign. Also note that previous plans were scaled back by VCAT after council opposition, which shows approvals can affect project scale.
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