FUND manager and developer Zig Inge Group is believed to have paid close to $18 million for a rundown but spectacularly located office investment at 199 Toorak Road in South Yarra. The blue, glass, four-level building with ground floor shops is at the north-east corner of Claremont Street and will be renovated, and slotted into Zig Inge Group’s Core Plus Portfolio. Zig Inge, which built its business developing retirement villages, outmuscled several high-rise residential developers for the 199 Toorak Road site, which measures 1689 square metres. An adjoining site at 2 – 4 Claremont Street, measuring 908 metres was listed for sale with 199 Toorak Road, but after failing to attract interest as a whole – was sold separately after auction for a speculated $6.5 million.
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