Inglis has been given the green light to sell its 11 acre Newmarket sales complex by the NSW Department of Planning and Environment.
Situated in the heart of Randwick, it will be rezoned as a residential and commercial precinct ending more than three years of negotiations. A Melbourne Cup field of international developers are jockeying to acquire the site which is situated opposite the Prince of Wales Hospital and close to the University Of New South Wales.
The asking price is believed to be in the vicinity of $250 million. Inglis will relocate to Warwick Farm and its current sales grounds will be replaced by high-rise apartment blocks.
“It will add to the nearby education and health precincts, accommodating students and hospital workers while creating a new neighbourhood close to local shopping and restaurant strips,” a Department of Planning and Environment spokesman said. “The decision represents a sensible compromise between what the proponent originally requested and the feedback from the community and council.”