The GFC has claimed another Gold Coast scalp; that of developer Graeme Ingles.

Unsuccessful in attempts to sell off some of his holdings, St. George Bank have appointed recievers to handle the sale of three significant holdings.  These comprise of the Iridium and Insignia sites in Southport; slated for 43- and 44-level towers respectively, and a 61 hectare parcel of land at Arundel, slated for a championship golf course that has been promised to the residents of Tee Trees Estate since 2001.

It has been reported that, in addition to his commercial holdings, Mr. Ingles’ $15m Tallai mansion has been placed on the market as well.Идея за подарък

Council has signed off on a new 45-storey tower for Scarborough St in Southport.  The new building, Iridium, will be built by Ingles Group and will include over 330 apartments, as well as commercial, retail and cafe space.  The building will be built near the future light rail station, and next door to the existing Little Theatre.  As part of the renewal, the developer will assist with redevelopment of the theatre’s green room and box office.

As Victoria Towers is launched, Ingles Group are placing their ‘Insignia’ development site on the market once again.

The 5000+ sqm site, on the corner of Nerang and Rawlins Streets in Southport – last on the market almost five years ago – is slated for a 380 apartments and 4750sqm of commercial space in a 43 storey building.

Better known for land development and building homes, Ingles is seeking to divest of the site in order to concentrate on their core business.

Originally acquired in 2002 for $3.475m, the site sold in 2004 for $17m before the contract collapsed.    Currently expected to fetch in the vicinity of $15m or more, the sale will be a good test of the current market, which has seen a significant softening in the value of high-rise sites as a number of developers place high-rise projects on the market or on hold.