Redland City Council established a proprietary company, Redland Investment Corporation (RIC) in 2014, to identify alternative revenue sources for Council and new business opportunities for the Redlands community.
This business is wholly owned by Council and operates under the Local Government Act 2009 (QLD), Local Government Regulation 2012, Corporations Act 2001 and Auditor-General Act 2009.
For more information about RIC, visit RedlandInvestCorp.com.au or choose a topic below.
On this page:
- About Redland Investment Corporation
- Redland Investment Corporation board of directors
- Redland Investment Corporation projects overview
- Redland Investment Corporation reports
About Redland Investment Corporation
Redland Investment Corporation (RIC) is an innovative, responsible and sustainable company which achieves its business objectives by creating revenue sources, identifying new business opportunities and partnering with the local business community to fulfil the broader community's social, economic and environmental needs.
RIC is governed by a Board of Directors who are responsible for setting the strategic direction for the company.
For more information about Redland Investment Corporation visit:
Project overview
Find out about RIC's current and recently completed projects.
Code of Conduct
For more information regarding RICs view: Code of Conduct
Redland Investment Corporation board of directors
Redland Investment Corporation (RIC) has a Board of Directors who are responsible for setting the strategic direction for the company.
Board members must comply with all governing legislation and company policies and make decisions that are transparent, effective and in the public interest.
RIC Board members:
- Mr Philip Hennessy - Chairman
- Mr Greg Kempton - Director
- Mr Mitch Nielsen - Director
Redland Investment Corporation projects overview
Current projects
Capalaba Town Centre Revitalisation Project
Council, partnership with RIC and development partner Shayher Group, is delivering an exciting multimillion revitalisation of a 1.55-hectare site in the heart of Capalaba. This exciting Project will transform the area behind Capalaba Central Shopping Centre into the urban heart of Capalaba. The $250 million project will see the delivery of a masterplan that incorporates a commercial precinct and exemplar public spaces including community assets such as a new library, customer service centre, arts centre and community hall.
The project will accommodate an employment hub, supported by an innovative public realm, a diverse mix of dining, retail and entertainment uses to create a day/night economy and bring much-needed infrastructure to improve connectivity.
Weinam Creek Priority Development Area redevelopment, Redland Bay
The new Marina Redland Bay within the Weinam Creek PDA will deliver more parking and improved access to the Southern Moreton Bay Islands, attract visitors, create jobs and drive economic development in the area. Delivered in stages, this catalyst project will transform the Marina into a vibrant waterfront precinct with more parking, improved infrastructure to reduce traffic congestion, shopping and dining outlets , new walkways and more open space.
4-10 Doig Street, Cleveland
Redland City Council transferred the 6,724sq m site at 4-10 Doig Street, Cleveland to Redland Investment Corporation (RIC) in 2015, to help revitalise Cleveland’s CBD.
RIC subsequently facilitated the sale of the site, which fronts Doig and Waterloo Streets and is currently used as a car park, to aged care provider Vacenti.
The site will become a mixed use development based around a five-storey aged-care facility with commercial, community, medical and retail spaces including a supermarket.
The finished project is expected to create 160 new permanent jobs – 110 in aged care and 50 in retail, and draw more people into the Centre through visits to aged-care residents and new retail spaces. The development will provide 186 off-street parking spaces for residents, visitors and workers.
This is a key initiative to enable the Cleveland Centre to grow into a vibrant high density mixed-use centre.
For more information visit the Vacenti website.
Cleveland Plaza and Bloomfield Park
In December 2017, RIC purchased Cleveland Plaza as a strategic purchase of an important commercial site in Cleveland’s business district, as a long-term income producing asset. The purchase aligns to Council corporate plan strategy for economic development and the Cleveland Revitalisation Strategy.
In 2023, RIC purchased the neighboring property 66 Bloomfield Street, Cleveland (Bloomfield Park). This strategic purchase is an income producing asset which may further support Council’s economic development strategy for Cleveland’s revitalization. The purchase of Bloomfield Park settled on 17 January 2023.
Completed projects
Edge 521
RIC’s Edge 521 is a boutique, high-quality two-storey townhouse development, set on 3,559sqm, backing onto 16,650sqm of nature reserve. RIC engaged environmental consultants to undertake a vegetation rehabilitation program involving planting new trees, removing declared pests, weeds and exotic pests to rejuvenate the 16,650sqm of undeveloped land and provide an improved koala habitat for the retained conservation area. This boutique development featured 13 high-quality two-storey townhouses and provided a valuable boost for the economy and community, providing a range of jobs for local trades during the construction period.
2-16 and 18-22 Wynyard Street, Cleveland
9-11 Oaklands Street, Alexandra Hills
Redland Investment Corporation completed its Ava Terraces townhouse development on this site in July 2018. Ava Terraces townhouses feature modern architecture, spacious interiors and provides easy access to adjoining parkland, shopping amenities, childcare centres, schools, bus services and major road connections.
110-112 Queen Street, Cleveland
For more information about RIC's projects, visit the Redland Investment Corporation website
Redland Investment Corporation Reports
Redland Investment Corporation's financial reports are presented to Council for adoption and are confirmed at Council General Meetings.
Financial reports
- Financial Report 2015-2016 [PDF, 4.0MB]
- Financial Report 2016-2017 [PDF, 2.0MB]
- Annual Report 2017-2018 [PDF, 1.1MB]
- Annual Report 2018-2019 [PDF 2.6MB]
- Annual Report 2019-2020 [PDF 3.5MB]
- Consolidated Financial Statements - 30 June 2021 [PDF 1.5MB]
- Consolidated Financial Statements - 30 June 2022 [PDF 1.64 MB]
- Consolidated Financial Statements - 30 June 2023 [PDF 1.64 MB]
- Consolidated Financial Statements - 30 June 2024 [PDF 1.51MB]
For more information, visit the Redland Investment Corporation website