“Life is too short. Work with people that share your vision and values. Understand the various risks in your business and then work on how to mitigate these risks” – Adam Lacey
The Bulletin’s Sam Stolz sat with a handful of young developers for an exclusive Q+A on how they got their start, the challenges they face and what they’ve got up their sleeve for the Gold Coast.
Adam Lacey was virtually born into the property industry and has his first taste of it first-hand before he finished school.
In the final instalment in the Bulletins series on young developers, the director of Lacey Group revealed his take on the development landscape and why it’s important with people who share similar visions and values.
How did you get your start in your development and how old were you when you first entered the industry? What was your first project/deal?
I was first introduced to property through my late father, Peter Lacey. He worked for Raptis Group, Sunland Group and CBRE.
I did an internship with CBRE (Gold Coast) toward the end of my schooling (age 16) and got my first formal job opportunity within the retail leasing division at CBRE in Brisbane toward the end of my university days (age 22).
I realised I was keener on the development side around the age of 25 and was given an opportunity in the acquisitions division for Sunland Group and quickly transitioned across to the development management side of the business.
From there, I completely fell in love with property development, particularly residential projects. My first project was the delivery of a small townhouse project in Upper Coomera acting as an assistant development manager for Sunland Group.
When I left Sunland around 2008, I started up a boutique property development business called Onyx Property Group.
List your completed projects
- Southbreak, North Kirra. $16.5m. 20 2 and 3-bedroom apartments across 6 levels – Completed 2020.
- The Jefferson, Palm Beach. $32m. 46 1,2 and 3-bedroom apartments – Completed 2019.
- Arcadia, Currumbin Waters. $17m. 33 designer homes in a luxury estate – Completed 2017.
- Currumbin Pocket. $7m. Luxury townhouses. Luxury townhouse estate. – Completed 2016.
- Allisee Villas, Hollywell. $17m. 26 luxury villas – Completed 2014
- Lavender Hill, Griffin. $32.5m. 85 terrace and townhomes – Completed 2015.
What project/s do you have under construction – and in the pipeline?
- Del Ray, $63m. 72 2 and 3-bedroom apartments and townhomes over 14 levels, featuring rooftop pool and amenities. Sold out prior to public launch and due for completion in early 2023.
- Monroe, $35m. 33 2 and 3-bedroom apartments and townhouse over 8 levels, featuring rooftop pool and amenities. Sold out within 3 weeks of public launch and due for completion late 2022.
What are some of the biggest challenges developers face on the Gold Coast?
Property development is such a dynamic business where challenges change/evolve according to market conditions. Challenges we are facing currently may not be the same in six or even 12 months’ time. At the moment, I’d say the biggest issue developers are currently navigating are construction costs and delays.
What is your view of Gold Coast development overall – is it an opportunity to progress in a way that is enhancing the city?
Development on the Gold Coast is heading in the right direction, generally. The continued expansion of the urban footprint isn’t sustainable long term, so we need to plan and adapt development to suit this reality. There is a fine balance with preserving our natural wonders whilst planning and developing for the current and future needs of the city.
Mistakes or lessons learned so far?
Life is too short. Work with people that share your vision and values.
Understand the various risks in your business and then work on how to mitigate these risks.
Would you ever consider another career, do you have a plan B?
Nothing springs to mind immediately. I love the career path I’ve been fortunate to pursue and having the opportunity to create homes for people in beautiful locations.
Original article: Gold Coast Bulletin