When Peter Lacey passed away in 1997 he left behind a legacy as one of the greatest surf lifesaving competitors of all time. Now, his son Adam is on a mission to create a legacy of his own.
Adam recently founded Lacey Group – a boutique property development company creating innovative apartments and homes in south east Queensland.
He has strong property roots, commencing his career at Sunland Group before co-founding Onyx Property Group, which was listed at number 32 on the prestigious BRW Fast 100 in 2014.
His new venture – Lacey Group – is behind some exciting projects including the Jefferson: a boutique, $30 million apartment project, situated on one of the Gold Coast’s most famous streets, Jefferson Lane in Palm Beach.
We Are Gold Coast chats to Adam about the business, his career and the Gold Coast property market…
What prompted the establishment of Lacey Group?
I identified an opportunity in the market to create a bespoke development business, with an emphasis on delivering highly desirable homes and apartments in undersupplied locations, such as Palm Beach.
What made you want to go out on your own after Onyx Property Group?
I was excited about the next phase of my life and in conjunction with starting a family, also wanted to create my own business that would become our legacy.
What has the growth of the business been like since inception?
The business is still in its infancy, but we see strong potential for growth in the future. We have just launched our first Gold Coast project, The Jefferson, in a prime beachside location in Palm Beach.
Tell me about some of the projects you are involved in…
The Jefferson is a boutique, $30 million apartment project, situated on one of the Gold Coast’s most famous streets, Jefferson Lane in Palm Beach. The development launched to the market in May and has been met with strong demand from buyers, particularly young professionals wanting to move to the beach, families downsizing from large homes in the area and investors wanting to buy into an undersupplied market.
The Jefferson is located next to some of Palm Beach’s most popular restaurants and cafes, between Fourth Avenue and Palm Beach Avenue, and will feature 46 one, two and three bedroom apartments – the majority with ocean views – across eight levels, along with an exclusive resident recreation deck with plunge pool, barbecue area and private lounge area. Construction is expected to start late this year.
Can you give me some background on your career and tell me what have been some of the biggest highlights?
I learnt a lot about the industry and established a strong business network during my three years at Sunland, between 2006 and 2009.
I completed seven projects during my time with Onyx Property Group, from 2009 to 2016, with a focus on delivering attached and detached residential homes that balanced affordability and design excellence. I also forged a good reputation in the marketplace during my tenure at Onyx, which really assisted with the establishment of the Lacey Group in 2016. A real highlight in my career has been the successful delivery of Lavender Hill, situated in Griffin in Brisbane’s north, which comprised 85 townhomes completed in 2015.
Who have been some of your biggest influences in business?
My late father, Peter Lacey, is by far my biggest influence and role model. His strength as an honourable and humble man has left a wonderful legacy and, to this day, I am constantly reminded of his great characteristics in my business life through the people I meet who knew, or knew of, my father.
Your father is a legendary surf life saver and a prominent figure in the Gold Coast property scene – explain how has he influenced your work…
I was taught from a young age to always show respect and that your word was your bond. I have found in business life there are always ups and downs, wins and losses, but if you treat people with respect and behave honourably, more often than not relationships quickly turn into wonderful lasting friendships and life in general is so much more enjoyable.
How do you think the Gold Coast property market is performing at the moment?
The Gold Coast property scene is performing well and it feels like the sun is shining at the moment, particularly with the upcoming Commonwealth Games in 2018 and a proactive local government, which is advocating tangible positive change.
Where are the hotspots?
The southern end of the Gold Coast is experiencing significant growth, which is forecast to continue in the short to medium term. The coastal fringe, from Broadbeach to Kirra, is on most buyers’ bucket-lists.
What changes do you foresee in the Gold Coast property market over the next five years?
Greenfield land supply is starting to run low and the focus will need to shift to infill opportunities. Hopefully, with the creation of a transport spine via the Light Rail corridor, we will see the creation of a wide range of quality developments that suitably balance our city’s business and residential needs, to meet our fast-growing population.