Rising Gold Coast-based developer Resort Corp is set to make the move into land development.
The developer, which currently has $1.35 billion of resort development completed or underway, is looking at land parcels in the south east Queensland corridor and regional Queensland.
The venture will be conducted under a new entity and headed by Queensland property industry veteran Tony Hymus.
Mr Hymus, who has more than 15 years experience in the real estate industry and has acted as a consultant to developers The Raptis Group, Leda and Great Southern Land, said Resort Corp was looking to broaden its development base.
He said the attraction of starting up the enterprise from scratch and working with a company that was well positioned with its brand convinced him to take on the new challenge.
“I’ve got a passion for residential land and subdivisions,” said Mr Hymus. “I’ve seen what Resort Corp has done with their resort and residential projects. If they transpose that model to land it will be very successful.”
Mr Hymus said there were three or four initial projects the group was assessing in south east and regional Queensland.
“We expect to make an announcement on acquisitions shortly.”
He said the company was interested in land subdivisions of all sizes.
“It doesn’t have to be a big project to be a good project. We are looking in the range of 25 lots up to 900 lots.”
BACKGROUND
Resort Corp’s portfolio has now reached $1.35 billion in completed or underway projects, including:
• the completed Soraya on Murphys Road at Kingscliff
• the completed Nor Nor East on Marine Parade, also at Kingscliff
• the completed The Beach apartments at Cabarita
• Santai at Casuarina Beach (to be completed by Christmas 2007)
• The Beach Shacks at Casuarina Beach (in partnership with World Champion surfer, Mark Occhilupo. To be completed by mid-2007)
• Zen, on Murphys Road (JV with Usher Powell Developments, to be completed late November 2007)
• Sea on Marine Parade (Nor Nor East’s sister project, construction not yet commenced)
The company has also announced three landmark projects on the Queensland coastline. A $125 million five-star resort hotel in Airlie Beach; a $500 million eco resort and residential community at Funnel Bay south of Airlie Beach; and a $500 million resort, residential and retail precinct on the Townsville waterfront.
Peter Madrers and lawyer Paul Brinsmead own Resort Corp.