A MAJOR leadership shake-up has hit Redland Investment Corporation (RIC) with the organisation’s long-standing independent board stepping down after more than a decade in charge.
The resignations were confirmed at the corporation’s annual general meeting this week, bringing to an end 11 years of oversight by inaugural chairman Phil Hennessy and directors Greg Kempton and Mitch Neilsen.
Redland City Council has since moved to install an interim board, appointing two senior council executives — General Manager Infrastructure and Operations Chris Isles and Executive Group Manager Financial Services and Chief Financial Officer Sandra Bridgeman — as unpaid directors while the council undertakes its External Service and Efficiency Review.
The leadership change comes at a significant time for the council-owned development corporation, which has been responsible for delivering and overseeing several major economic development projects across the Redlands Coast.
Mr Hennessy said the organisation had evolved considerably since its creation.
“Upon inception RIC’s original intention was to perform as a full-profit beneficial enterprise, developing Council’s surplus land and transferring dividends to Council,” he said.
Today, he said the organisation’s role had broadened to support council’s long-term city building goals.
“Today, RIC’s focus has evolved to be more closely aligned with Council’s city building and place making projects to strengthen the economy, stimulate investment and benefit the Redlands Coast community,” Mr Hennessy said.
“As an independent arm of Council, RIC remains best placed to partner with the private sector, securing infrastructure and investment for the Redlands, creating better value and less capital outlay of public funds for Council’s major projects.
“It has been an honour to serve as Chair of the board for RIC.
“I am enormously proud of what RIC has achieved during our long tenure.
“As with all long-term ventures, change comes and, as a collective, we decided that after 11 years it was time to allow fresh oversight of Council’s many exciting projects.
“We look forward to seeing the projects progress, albeit from a distance.”
Acting Mayor Julie Talty acknowledged the contribution of the outgoing board.
“Messrs Hennessy, Kempton, and Nielson have shown extraordinary commitment to our city over more than a decade,” Cr Talty said.
“On behalf of Council, I thank the outgoing board for their dedication and service and wish them well in their future endeavours.
“I also welcome the interim board, which will support the transition.
“Council’s establishment of two unpaid interim directors on the board will ensure seamless continuity and appropriate governance oversight.”
RIC was established in 2015 to manage and develop council-owned land and pursue economic development opportunities for the region.
Since then, the corporation has returned more than $2.7 million in dividends to council while helping unlock development opportunities across several key sites.
Projects delivered during that period include the Edge 521 townhouse development, which transformed an abandoned site into 13 townhouses adjoining more than 16,500 square metres of improved conservation area.
RIC also negotiated to bring aged care provider Vacenti to Cleveland, delivering a five-level integrated aged care and retirement facility with retail, medical and lifestyle services.
The development has created more than 100 healthcare jobs and provides care for thousands of residents.
More recently, RIC has been involved in securing development partners for several major projects across the city, including the Capalaba Town Centre revitalisation with the Shayher Group.
A sales suite for that project opened at Capalaba Central on February 27, with construction of stage one expected to begin in May.
The redevelopment will include a mixed-use precinct with a town square, retail and dining spaces, commercial offices and residential apartments, alongside civic facilities such as the Capalaba Library, customer service centre, arts space and community hall.
The interim board will remain in place while council completes its broader review of services and operations.
