One of the most ambitious lifestyle village projects of the past five years has finally fallen over with AMP Capital Investors selling its remotely located Inverloch village development to Omni Property Group. Industry discussion has always centered on the size of the community facilities at 1400 square metres plus other amenities, coupled with double storey ILUs, questioning where the market would come from given Inverloch is a sleepy coastal location several hours drive from Melbourne. Nobody is discussing the terms of the sale but rumour indicates up to a $30 million loss by AMP Capital Investors (who did not return our calls). Omni Property Group state they are looking at a further Half dozen regional sites for village developments.
Opinion
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