RGD Group former major project site sells sparking speculation of new development on the way

The sale of a waterfront project site held by one of the region’s biggest private builders before its $31m collapse has set industry tongues wagging.

Works could be set to start on a major apartment complex development caught up in the $31m collapse of one of the region’s largest private building firms.

Speculation has been mounting that the Southbank at Oceanside project could be resurrected in Birtinya less than 18 months after the high-profile demise of RGD Group Pty Ltd and RGD Constructions Pty Ltd.

Southbank at Oceanside had been one of the headline projects due to be carried out by the Ron Grabbe-directed companies before they folded in May, 2020 with debts of about $31m.

The companies had been bailed out initially via funds tipped in by Grabbe family friend and IT guru Greg Clark but he eventually withdrew when he learnt the full scale of the companies’ financial positions.

Liquidators’ reports filed by FTI Consulting revealed two of RGD’s major unsecured creditors were Mr Clark and YFG Shopping Centres Pty Ltd.

The site of the former Southbank at Oceanside project by RGD Group

Clark Group Constructions Pty Ltd was formed in April 6, 2020 and Clark Group eventually took on two of RGD’s major Sunshine Coast projects – Southbank at Birtinya Island and the Seanna Residences currently under construction in Bokarina Beach.

It can be revealed in May, 2021, Southbank Waters Pty Ltd sold the Birtinya site to YFG Shopping Centres for about $6m which was understood to have included a forgiveness of debt of more than $3m.

Industry sources said since YFG had taken hold of the site it was understood to have gone out to tender and a company run by one of Mr Grabbe’s sons – former RGD staffer Kyle Grabbe – had reportedly been approached by YFG to tender for the job.

The original Southbank project on the corner of Lake Kawana Boulevard and Mantra Esplanade had been spruiked as an 86-apartment, waterfront project featuring a mix of one, two and three-bedroom units.

YFG representatives declined to comment when approached about the acquisition of the Southbank site and which builders had been approached to deliver the job.

Former RGD Group director Ron Grabbe.

Kyle Grabbe said he had been asked to put a tender in on the project with the pricing to assist with feasibility but wouldn’t say which company had approached him.

The Gold Leaf Constructions director said he was yet to sign on for anything in relation to the project.

The high-end, multi award-winning builder said it would be an exciting job but he was still weighing up whether to take on a project of that scale on his own.

“I’ve got the ability to do it,” he said.

A Queensland Building and Construction Commission spokesman said Gold Leaf Constructions was currently a Category 2 licensee with allowable annual turnover of $3m-$12m.

Originally published as RGD Group former major project site sells sparking speculation of new development on the way