A modular home builder that has outgrown two Sunshine Coast premises is set to move into a much larger factory capable of almost tripling its annual output.
Oly Homes will relocate its Cooroy and Yandina operations to a 21,900sqm facility on a double site within the Sunshine Coast Industrial Park at Corbould Park.
The new premises would allow the company to increase production from about 200 homes a year to 550.
Oly Homes is booked out more than six months in advance, amid strong demand for housing. The new factory would be able to build and install a two-bedroom, two-bathroom home in about two months.
The facility would also support a broader mix of housing styles, including medium-density formats, as the company seeks to service new government supply contracts.
The $25.5 million project is being delivered through a property fund created by Mooloolaba-based fund manager RM Capital, the investment arm of Rafter Myers.
RM Capital invited investors to share in ownership of the project, forecasting a 90 per cent return.
The fund was quickly subscribed and RM Capital acquired the 2.19ha property at 14 and 34 Maurice Harvey Crescent for $10.524 million.
Oly Homes will become an equity partner in the project and has agreed to a 10-year lease, with two further five-year options.
The fund, taken up mainly by local investors, raised $8.7 million towards the property purchase, development and associated fees and costs. The remainder will be borrowed from the Commonwealth Bank of Australia.
The site has capacity for 3273sqm of floor space, 13,580sqm of hardstand and storage and more than 60 car spaces.
With Oly Homes secured as a long-term tenant, the fund ultimately aims to position the property for sale as an income-producing industrial investment.
RM Capital director Remi Rafter said the project combined a major industrial property with a business experiencing strong demand.
“It’s a strong outcome for local investors, but importantly it will also support around 70 new jobs and help deliver more affordable homes,” Mr Rafter said.
“The opportunity brought together a quality industrial property, a long-term tenant and a business experiencing very strong demand for its product.
“We’re proud that predominantly local investors are backing a project that supports jobs, housing supply and continued economic growth on both the Sunshine Coast and throughout Queensland.”
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