Zig Inge Outmuscles Developers For Prime South Yarra Office

CB Richard Ellis and GormanKelly marketed the two neighbouring investments.

In the immediate area, a 38-level apartment tower – The Capitol South Yarra – is proposed for a site on the north-west corner of Toorak Road and Chapel Street. As part of this redevelopment, the historic Capitol Bakery building will be replaced to become the mouth of a new shopping centre.

Between The Capitol site, and 199 Toorak Road, Little Project Development is marketing a high-end apartment tower, Ilk, which will soar 24 levels at 227 – 233 Toorak Road. LPD paid ANZ Bank $33 million for the rundown office that will become IIk in 2007.

However one major developer trying to sell out of South Yarra, is Stockland.

In early 2008 the Sydney-based group paid private developer Michael Yates $26.25 million for a 2146 square metre site at 2 – 4 Yarra Street, and then fought council, unsuccessfully, to build a 35-level tower there.

Stockland is hoping to break even from the sale of the site, which is being offered with a 27-level, 332-unit permit. The Victorian Civil and Administrative Tribunal is currently reviewing an application which would result in more apartments, and more height.

Jones Lang LaSalle and Ernst & Young are marketing that site.

Zig Inge recently made headlines pocketing an approximate $10 million profit onselling a rundown Toorak mansion, once the family home of State Opposition Leader Ted Baillieu.

Zig Inge sold 39 St Georges Road for almost $25 million in May, after paying a reported $14.8 million for the 6000 square metre estate in February 2009, and at a particularly depressed point in the prestige property cycle.

In June last year, Zig Inge paid Sydney-based fund manager Challenger $20.2 million for Camberwell’s distinctive, and recently restored Rivoli theatre.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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