INNOVATIVE family-owned company Maidment Group is expanding in Townsville, widening its services in property, employing more people and positioning itself for a market rebound.
While the development industry has seen big contraction in recent years, mostly on the back of a downturn in mining and commodity prices, Maidment managing director Glen Maidment said they could see that turning around and the property market beginning to move.
The company, which has developed residential estates throughout Queensland, is focusing its interests on Townsville and positioning itself to capitalise on the gains.
“We think it is a good time to invest in Townsville. There are better times ahead,” Mr Maidment said.
“There is confidence returning to the market and the infrastructure spend that has been announced is yet to lift the economy.
“We are starting to see some job creation and there are people moving into the city from outside the region. That is what I believe is going to drive this market.”
The business has rebranded from Maidment Development to Maidment Group to align with the widening in its property services offer.
It acquired large commercial premises in Sturt St a few years ago and has established divisions in real estate sales (M Property), residential land sales (M Land), turnkey home design (M Homes), mortgage financing (M Finance) and construction (M Scapes).
About an additional 20 people have been hired in sales, project management and development, with more to come.
Mr Maidment said the business as a whole supported close to 500 suppliers, predominantly based in the Townsville region.
The development company holds about 4500 approved residential lots in masterplanned communities in Mount Low, the Bohle Plains and Jensen, and has been a market leader in the introduction of fibre-optic connections, energy efficiency and solar system installations.
It is planning a new $50 million project in North Ward.
“We were spread across Queensland and have done some significant residential developments in the south east corner,” Mr Maidment said.
“But those projects have come to an end and I have fully committed to Townsville.
“The current rate of sales is exciting and there seems to be a little bit of a return to the market, particularly for premium product.
“We’ve had some significant land sales in the $300,000s in Harris Crossing.”
Its agents also recently negotiated home sales just shy of $2 million.
Little wonder the Maidment Group is preparing for growth.
Journalist: Tony Raggatt
Source: Townsville Bulletin, Business. Page 43. 1.06.2018.