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.