Reading ready

Written on the 17 April 2009

 

READING Property Partners will be stepping up its presence in Queensland to take advantage of the bargains to be had in a slowing property market.
CEO Doug Osborne says the subsidiary of Reading International was monitoring southeast Queensland for some time but demand and prices were too high.
“Developers, fund managers and institutional investors were outbidding each other for tracts of land and existing investment properties and as a result ended up geared to the eyeballs - we preferred to take a low key approach, and it’s paid off,” says Osborne.
“A number of companies are now urgently attempting to restructure their balance sheets by slashing debt through various asset sales, which is a great opportunity to invest for a good price.”
Reading International has been relatively unaffected by the financial crisis.
Osborne is confident that now is the time for ‘cashed up’ developers to enter the Brisbane market, and plans for Reading to develop commercial, retail and residential real estate in southeast Queensland.
“While global demand for resources has slowed, Queensland is still expected to be underpinned by strong population growth, investment activity and undersupply over the medium term,” he says.
Reading Property Partners completed the Reading Newmarket Shopping Centre and is building commercial property Vantage Indooroopilly, with a proposed transit oriented development in Taringa undergoing application.

Latest News

THE STAR'S STUNNING ANSWER TO CROWN'S BARANGAROO

THE Star Entertainment Group (ASX:SGR), not to be outdone by James Packer's Barangaroo development across the ...

BRISBANE COAL TERMINAL REOPENS AFTER SHIPLOADER REPAIR

COAL loading has recommenced at New Hope's (ASX: NHC) Brisbane terminal today after repairs to its ship loader, w...

SUPERYACHTS OFFER UNTAPPED POTENTIAL AT COMMONWEALTH GAMES

SUPERYACHT Australia has devised a strategy to attract more superyachts to Queensland and capitalise on revenue op...

GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT

THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to ...

Related News

HOW MCDONALD'S AUSTRALIA REDISCOVERED ITS INNOVATIVE SPIRIT

MCDONALD'S is such a ubiquitous part of the Australian landscape today that it is easy to forget how it change...

JB HI-FI IS THE GOOD GUY IN $870 MILLION ACQUISITION

ELECTRONICS giant JB Hi-Fi has formally completed its $870 million acquisition of home appliance chain The Good Gu...

ACCC ACTS AGAINST MERITON'S RIGGED REVIEWS

MERITON Property Services is under fire from Australia's main consumer watchdog, after it allegedly engaged in mi...

ACCC FIRES WARNING SHOT TO IVF PROVIDERS

IVF clinics have been put on notice by consumer watchdog, the Australian Competition and Consumer Commission (ACCC...

Contact us

Email News Update Sign Up Contact Details

Subscribe to our mailing list

* indicates required
Email Format

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter