Cbus has acquired the Newmarket stables site from the Inglis family.
Cbus has acquired the iconic Newmarket Stables site from the Inglis horse-breeding family for an estimated $250 million.
Cbus, an industry superannuation fund with 780,000 members, plans to build 750 apartments on the site, while retaining 5,000sqm of outdoor space and public facilities.
Under a lease-back arrangement, Inglis will continue to operate its headquarters and auctions from the site for another three years. The family-owned business will then move its operations to Warwick Farm, in Sydney's west.
The site was rezoned by the NSW Planning and Environment Department in April this year, after Randwick council knocked back rezoning in 2011.
Colliers International's Robert McCuaig, Jon Chomley and Guillaume Volz managed the transaction on behalf of Inglis.
William Inglis & Son Deputy Chairman, Arthur Inglis, said, 'We feel it is very positive that everyday families will be able to own a piece of Australian history.'
Adrian Pozzo, CEO of Cbus Property, commented that, 'We will ensure that this property is preserved in all its grandeur for generations to come.'