Inglis Newmarket complex could go on the market

The ongoing Easter Yearling Sale could be the last held by Inglis at its historic Newmarket complex after announcement that the New South Wales government had approved the site’s rezoning as a commercial and residential area. The complex, which covers 4.45ha, has been owned by the Inglis family since 1918 and was used as a horse stable from 1877. Its value, now that it can be used for developments, has been estimated around A$250 million owing to the site’s prime location, in the heart of Randwick and due to be serviced by a new light rail line expected to start operating in 2019.

The rezoning was first sought by William Inglis & Sons in 2011, when the sales company announced that they would be relocating their Randwick sales to Warwick Farm. However, the initial development plan met with strong opposition from the local community and was rejected by Randwick Council on account of excessive density and building heights. A revised proposal finally received approval from the NSW Department of Planning and Environment earlier this week. Up to 20 local and international developers are understood to have expressed interest in the site, led by Singapore’s Toga Group and China’s Greenland and Aqualand.