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

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.