ICD scoops up infill townhouse site

ICD and First Sponsor are developing a hotel and apartment building at Sydney’s Tattersalls Club.

ICD Land has outlaid over $50 million for a medium density housing block in Melbourne’s west.

The 5.295 hectare parcel, 200-214 Blackshaws Road, Altona North, forms part of Precinct 15, a 64ha industrial hub which council recently rezoned to residential.

However the land repurposing was in planning for just over a decade – in 2014 Mirvac acquired the 11.5ha site next door, 188-198 Blackshaws Rd, now making way for The Fabric.

Five years ago, Stockland bought in – paying logistics giant Secon $48m for its 6.3ha headquarters at the north east corner of Blackshaws and Kyle roads, with plans for c276 dwellings, a development presently being marketed as Haven.

Precinct 15 also contains the heritage protected ex-Gilbertson Meat Processing Plant, at the top of Kyle Rd, near the West Gate Freeway.

Altona North is 10 kilometres from the CBD.

ICD reweights

ICD is expected to build apartments and townhouses at 200-214 Blackshaws Rd – which it acquired following an off-market campaign believed to be led by Savills’ Tanya Su, Julian Heatherich and Benson Zhou.

The vendor was a syndicate of offshore investors which paid $42m in 2017 (story continues below).

The land was also previously owned by Toyota, which sold it for $4.7m in 2000.

Elsewhere in Victoria, ICD is responsible for the Gen Fyansford low density housing project, near Geelong; in March it sold a parcel earmarked for a commercial component in this development to Cotton On founder Nigel Austin for $7.5m.

ICD is also behind a high rise CBD apartment project at 299 King Street.

In 2019, the group won a City of Adelaide contract to redevelop the Central Market Arcade as a mixed use complex with two residential buildings, of 13 and 16 levels.

Last year, in partnership with Singapore’s First Sponsor, ICD received permission to replace the airspace of Sydney’s historic Tattersalls Club with a 50 storey tower containing a hotel and luxury dwellings.

Four months ago, the company announced it would partner with Belingbak on a second Sydney CBD site – 372-378A Pitt St – to deliver a 56 level building with 304 hotel rooms and 28 apartments.

That block spreads 1140 square metres.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.