Queensland-based developer Reed Property Group (RPG) has purchased a new development in South East Queensland from the Guilfoyle Group.
RPG Head of Development Jay Emmerton said the company had taken ownership of First Light Mooloolaba, a 13-level development consisting of 67 two-bedroom apartments and two penthouses.
"First Light enables us to secure a prime position in the growing Mooloolaba market," Mr Emmerton said.
"The recent sale of Big Top Market Fresh proved to be the catalyst for the sale and we look forward to making the project a reality when our construction division, RCQ Construction, gets started on site in the coming months.”
First Light Mooloolaba was the brainchild of Guilfoyle Group co-director Simon Guilfoyle who said he was delighted with the sale of the development to one of Queensland’s most highly regarded property developers.
“I have been involved with this project since 2009 when I first bought the houses that occupied the site,” Mr Guilfoyle said.
“I have always been keen to have RCQ Construction as the builder, particularly given our strong relationship with RPG Director and RCQ Managing Director, Steve Cole. Both RPG and RCQ Construction possess an excellent track record in delivering successful commercial, retail and residential projects, and they are dedicated to supporting the local community.
“I was interested in construction companies prepared to create local jobs rather than bringing in workers from Brisbane. This immediately struck a chord with RCQ Construction being based in Maroochydore and sharing the commitment to using a local workforce.
“The market has given the development a tick of approval with 65 per cent of the apartments sold off the plan for $20m following a soft launch in January.”
Mr Emmerton said the company had elected to purchase First Light Mooloolaba based on its location and its exclusivity as the last development site within First Avenue.
“First Light still has a few apartments available representing excellent value from just $419,000. We look forward to continuing to market First Light apartments and plan to commence construction late October this year subject to approvals,” Mr Emmerton said.
“The development’s prime location ensures the apartments have huge appeal as either live-in residences or holiday rentals, so we expect the remaining stock will be snapped up quickly.”