At the Redland Investment Corporation (RIC) annual general meeting this week, the long-standing, independent board members resigned, citing the opportunity to refresh the board after 11 years of service, and a new, interim board was appointed.
Appointed to the interim board were Redland City Council’s General Manager Infrastructure and Operations Chris Isles and Executive Group Manager Financial Services and Chief Financial Officer Sandra Bridgeman as unpaid directors on a temporary basis while Council undertakes its External Service and Efficiency Review.
Since 2015, RIC’s inaugural board members, Chairman Phil Hennessy, and Directors Greg Kempton and Mitch Neilsen, have been responsible for strategic oversight, governance, and the RIC’s business performance.
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Council and the new board thanked the outgoing board for their years of service.
Mr Hennessy said that 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.
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.
“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,” Mr Hennessy said.
“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.”
Mr Hennessy expressed his gratitude to his fellow board members and to RIC’s long-serving, dedicated staff.
Redland City Acting Mayor Julie Talty acknowledged the former RIC board members for their service and contribution over the years.
“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.”
Since 2015, RIC has returned more than $2.7m in dividends to Council, provided social, economic and environmental uplift to strategically identified surplus land, unlocking the value of the assets and driving economic development for the Redlands.
Some examples of RIC’s achievements have included the Edge 521 townhouse development, which turned an overgrown and abandoned site into thirteen, high-quality townhouses, backing onto more than 16,500m2 of rejuvenated and improved conservation area.
RIC successfully negotiated to bring Vacenti to Cleveland to deliver five-levels of integrated aged care and retirement facilities, and space for retail, medical and lifestyle services, and basement and ground level parking.
The ongoing local service and economic development from this project will benefit the local community for decades to come.
The project has delivered employment opportunities for more than 100 health care jobs and care for thousands of local residents.
RIC has successfully completed competitive national tender processes to attract development partners for three of the Redlands major projects and will soon be preparing a fourth to see the revitalisation of the Cleveland CBD.
The latest milestone for these projects is the Capalaba Town Centre revitalisation with development partner Shayer Group.
The sales suite located within Capalaba Central officially opened on 27 February 2026 , with construction of Stage 1 planned to commence from May 2026.
This project will include a new mixed‑use precinct featuring a town square, improved pedestrian connections, a diverse retail and dining offering, commercial office space and boutique residential apartments, alongside the reinstatement of key civic assets – Capalaba Library, Customer Service Centre, an arts space and community hall.
The RIC Board welcome Mr Isles and Ms Bridgeman. RIC is well positioned for the incoming board.
