Media Releases
10-01-2007
20 years on and Reed is still raging!
It was only four years ago that Reed Property Group had a total of $250 million committed to
Sunshine
Coast
projects. Today, Reed Property Group is one of
Queensland
’s largest development and construction companies with more than $1 billion worth of residential, commercial and investment projects under its belt and expansion plans driving all areas of the business.
The diversified development, construction, funds management, childcare and hospitality company is privately owned and is headed by father and son; founder and Chairman Harry Reed and Managing Director, Ken Reed.
This year, Reed Property Group celebrates its 20th birthday and Ken Reed says they are not about to rest on what has already been achieved.
“This is just the beginning and we’re very excited about our plans for the future in terms of the new multi-disciplinary company we have developed over the last 3 or 4 years,” Mr Reed said.
Apart from celebrating the 20th birthday milestone, what’s on the agenda in 2007 for this dynamic and family values based company?
Minimal vacancy rates, limited new supply, affordability and demographic trends all point to strength in the apartment market in 2007 according to Ken Reed.
“As mentioned in the most recent edition of Money Magazine, vacancies are low in virtually every major city, including those where the buying market is currently weak such as Sydney and Brisbane. Rents are rising and analysts believe investors will re-appear in 2007,” Mr Reed said.
“Buyers are urged to seek quality locations and points of difference — particularly in the desirable markets such as here on the
Sunshine
Coast
.”
“For Reed Property Group, this means ensuring we maintain momentum with our marketing strategies, targeting the right stakeholders, in order to make sure when people are looking for property on the
Sunshine
Coast
, they think Reed Property Group first.”
Reed has three residential apartment buildings on the market this year, with absolute waterfront Riva and waterside m1 on
Duporth Avenue
, Maroochydore and Ramada Pelican Waters Resort offering house sized apartments where one can enjoy all the opulence of the resort lifestyle everyday.
Construction on Riva commences this month and with more than 80% sold before construction has even commenced, Ken Reed said it’s a good reflection of the growing value being placed on waterfront property that offers all the services and convenience of a CBD location whilst still maintaining a relaxed coastal lifestyle.
The Wises Farm precinct in the Maroochydore CBD being developed by the Chardan Development Group is an area that is taking advantage of its location to create a precinct for residential, commercial and business occupancy. Reed Property Group announced the purchase of six key parcels of the Wises Farm worth $30 million in November last year. The masterplanning and commencement of construction on this precinct is a major priority for Reed this year.
Mr Reed said that he and his company were very excited about the new acquisition because it offers a diverse range of mixed-use development opportunities including residential, commercial and retail projects, overlooking the surrounding expansive lake system and open parklands.
“The Wises Farm location is the largest infill site in one of the most highly sought after locations on the
Sunshine
Coast
and perfectly complements Reed’s big picture vision for revitalising the Maroochydore CBD,” Mr Reed said.
“Coupled with our existing $600 million metro investment (the redevelopment of the Big Top Shopping Centre), we are very excited to be able to create, along with the community, a distinctive place that people will love to live, work and play in.”
“Property prices in the Maroochydore area are stable and there are still many houses and apartments available which suit owner occupiers and will be within this new CBD precinct,” Mr Reed said. “History tells us that as these redevelopment plans mature, property values within the area will benefit.”
“Maroochydore is still the central area of the
Sunshine
Coast
and with the new draft plan for the CBD developed by Maroochy Shire Council, the spotlight will certainly be on CBD developments,” he said.
Other projects in the pipeline this year for this dynamic and family values based company will be the growth of the Hospitality division. Reed has completed renovations on The Grand Hotel in
Gladstone
and will soon release information about the plans for a new accommodation complex beside The Grand. The Hervey Bay Hotel and The Australian Hotel in Townsville are next in line for redevelopment and renovation, meanwhile the Hospitality Division will continue to look for new investment opportunities.
Reed Construction will continue to grow and increase their annual turnover in excess of $100 million. Last year saw this division dramatically increase their capacity, having been commissioned by external developers for projects such as Karmasea in Alexandra Headlands,
Monterey
and Waterline in Maroochydore, Settler’s Cove in Noosa, Rivage in Mackay and the Woolworths Shopping Centre in Childers.
This year, the
Sunshine
Coast
community will be able to watch the progress of the Reed Charity Foundation 2006/2007 project which is the construction of an accommodation facility next to the
Nambour
Hospital
for patients receiving ongoing medical treatment and their family, similar to a Ronald McDonald House. Construction is expected to commence this month.
Reed Funds Management is also expected to dramatically grow. All up, the diversified Trust has almost $100 million worth of direct property assets including
Sunshine
Coast
retail centres, Chancellor Village Homemaker Centre, Chancellor Village Convenience Centre and Noosa Gateway.
Last year, the Property Trust purchased two major assets including an A-grade office block on the Gold Coast called ‘Silver @ The Exchange’ worth $23 million and the $28 million state-of-the-art APN printing and publishing facility located at Yandina. These acquisitions took the Trust’s income-bearing assets to almost $100 million as part of a steady growth plan since it was launched in September 2005.
Reed is a joint venture partner with the Bella Grace Childcare Centres in Aroona, Beerwah and
Chancellor
Park
Village
. With Council approval to build a centre in Nambour, together with the existing three centres, the company sees demand for the expansion of other childcare centres across the
Sunshine
Coast
.
Ken Reed says that one of the keys to their success is Reed’s ability to understand the needs of their customers through living, breathing, walking and talking their business philosophy which clearly outlines their approach – ‘Together we can do amazing things.’
“I have found over the years that if agreements and solutions are mutually beneficial, mutually satisfying, then all parties will feel good about the decision and feel committed to the action plan,” Mr Reed said.
“From humble beginnings in 1987, we’ve always believed strongly in working together – and have treated our team, our suppliers and our customers the same way we treat our family.
“There is a great deal to be achieved this year and it’s important to make sure we’re all having fun whilst we do it. Reed is certainly committed to working with our community to continue to achieve the best outcomes for all parties – its going to be a great year.”
Ends.
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