Another chapter in the history of William Inglis and Son Ltd has been written today, with Managing Director Mark Webster announcing the sale of the iconic 5ha Newmarket property in Randwick to Cbus Property, an Australian company and wholly owned subsidiary of Cbus, an industry superannuation fund with 780,000 members.

Inglis will continue to operate its headquarters and Sydney auction business from Newmarket for the next three years, when the company will relocate to a larger site at Warwick Farm in Sydney’s west.

Inglis received approval in April of this year to rezone the site from the NSW Planning and Environment Department.

Colliers International’s Robert McCuaig, Jon Chomley and Guillaume Volz managed the transaction on behalf of the Inglis.

"We are thrilled that a subsidiary of an Australian superannuation fund has acquired this historic property," said William Inglis & Son Deputy Chairman, Arthur Inglis. "We feel it is very positive that everyday families will be able to own a piece of Australian history and enjoy what has been a very treasured property of our family-owned company."

The exclusive development is expected to accommodate approximately 750 dwellings including over 5,000 square metres of outdoor space and public facilities.

"We are delighted to have secured this landmark site in Sydney’s eastern suburbs" said Adrian Pozzo, CEO Cbus Property. "We will ensure that this property is preserved in all its grandeur for generations to come as well as maximising the full value of this iconic asset in Sydney’s inner suburbs."