A Gold Coast developer spearheaded by former Australian cricketer Craig McDermott is expanding its presence in Toowoomba.
The company, the Surfers Paradise-based CJAM Group, now has three projects under construction in Toowoomba.
McDermott says the city’s $3.6 billion new hospital, now under construction, is a big part of the reason for his company’s focus on the region.
“We identified Toowoomba early because the fundamentals were clear,” McDermott said.
“A hospital of this scale does not just bring workers. It brings families, support services, and long-term population growth.
“The land we settled on fifteen months ago, that we expected to sell at $260,000 per lot, is now clearing at $420,000. That is what infrastructure-led demand looks like in practice.”
CJAM is developing Havenwood on Highfields (39 homes), Rise at Middle Ridge (58 homes) and won the tender to buy a former council nursery at 306 Ramsay Street, Middle Ridge.
The 2.05-hectare site is earmarked for a low-to-medium density residential project for up to 120 dwellings.
A former fast bowler who took 291 wickets in 71 Tests for Australia, McDermott is no stranger to the property industry.
During the early 2000s, McDermott’s property empire flourished. However, his company, Maxen Developments, was trapped with nine developments underway when it was caught up in the collapse of financier Bridgecorp in 2007 at the start of the Global Financial Crisis.
Maxen Developments was subsequently wound up, and McDermott was declared bankrupt.
After spending time as Australia’s fast bowling coach, McDermott has now returned to the property industry.
CJAM Group focuses on house-and-land packages, townhouses, land subdivisions, and community title estates in southeast Queensland. CJAM Group also builds prefabricated homes inside an industrial facility and delivers them to the site.
CJAM Group recently applied for its Australian Financial Services License, enabling the company to work directly with sophisticated investors at the $500,000 plus level.
“Toowoomba is not a speculative play,” McDermott said. “The infrastructure is already under construction. The population growth is already happening. We are building ahead of demand that is confirmed, not projected.”