Big plans for Reed Property after Big Top sells for $85m
FRESH after announcing the $85 million sale of the Big Top centre Reed Property Group is preparing its next big acquisition on the Sunshine Coast.
But details of where the next development will be are a closely guarded secret.
Reed's head of development Jay Emmerton said more details would be released next week. He said the next project would not be as big as the Big Top - which has only recently reopened after a $20 million revamp.
Reed is also settings its sights on Brisbane and the Gold Coast.
"We will start in Brisbane and expand our interest to the Gold Coast," Mr Emmerton said.
"But the head office will remain on the Sunshine Coast."
Ken Reed will also remain chairman of the board.
No one from LaSalle Investment Management, the company that bought the Big Top, was at yesterday's official announcement.
But head of funds management Chris Forbes said the company planned to "further develop" the fresh market concept as a point of difference.
"LaSalle intends to build on the momentum of the market fresh concept and further enhance the lifestyle and entertainment aspects of the precinct," he said.
Mr Emmerton said he expected development of the 3.5 ha site to start on the top corner at 6 to 8 Ocean St.
"If it was up to us, that's where I'd be looking at first," he said.
"There are a couple of average looking shops there."
Neighbouring Ryan Plaza, which was included in the purchase, would probably also be in line for a revamp.
Sunshine Coast Mayor Mark Jamieson welcomed the sale of the Big Top and said it showed the increasing national and international interest in Sunshine Coast property.
"If a 3.5 ha site sells for $85 million, you can only think what the 53ha Maroochydore SunCentral (former Horton Park) site would be worth," he said.
He hoped the area around Ocean St would become the Sunshine Coast's "version of West End".