INGENIA Communities, formerly controlled by Dutch investment giant ING and from earlier this month, a separate ASX listed company, has sold the Lovely Banks Gardens near Geelong.
The 65-unit village Corio village sold conditional on a rezoning which would allow for a residential redevelopment. A Victorian developer is said to be purchasing the site near Lindsay Fox’s Avalon Airport.
In 2010, Ingenia ruled the “poor performing” asset as “non core” to its portfolio. It will pump funds from the sale into other developments, conversions and acquisition opportunities it is hoped will earn a return-on-investment of some 20 per cent.Read more