Status Complete
Value $19.5M
Timeframe 2015 - 2016
Bay Road, Highett
In 2015 ICD Property acquired a 9,057sqm site recently refurbished into a two-level gymnasium with generous frontages to Bay Road and Avoca Street. Leased to Fitness First, the world’s largest privately owned health club, ICD purchased the Bay investment with JV partners Wingate and held the asset for two years before on-selling it.
Known for their exceptional property development track record, unique risk and management culture, reach, and influence – Wingate have since become trusted and valued partners to ICD.
With aspirations to always partner with the best in the industry, ICD is proud and honoured that this project signified the start of a successful ongoing relationship with Wingate.
ICD’s champion financial team identified the site as a strategic purchase due to property market trends and the positive investment allowed ICD to benefit investors as well as use profits to fund later projects.
This was ICD’s first investment property with rezoning opportunities and was able to successfully secure a major long-term tenant, Fitness First.
ICD’s highly informed and strategic project choices appeal to joint venture partners keen to benefit from our market knowledge and reduce their risks.
