The move means Buxton Group chairman and company co-founder Richard Buxton will quit the building industry after 40 years.
In a statement Mr Briggs said Buxton Cosntructions would be “maintaining its focus on high quality government, sporting, education, and health projects with a renewed push into the negotiated tender market.”
The construction arm constituted about 50 per cent of the Buxton Group’s $200 million annual turnover.
Buxton will move into new offices in 2010 “to give both businessnes freedom to pursue new opportunities and focus on other emerging market opportunities.”
“The Buxton Group will continue to expand its extensive development operations in the apartment market, retirement and developing age care projects, but would be taking a “flexible” approach to development opportunities in all property sectors,” Mr Briggs said.
“The Buxton Group intends to pursue more development opportunities with a new generation management team and other Buxton Family entities,” he said. “We have always been very creative in design and passionate about new directions in property and related businesses: It’s been our eye for detail that has created opportunities and our success over the past 40 plus years. We have always been good at anticipating and responding to market place changes and that keeps our minds alert and all of us youthful, forward thinking and creative.”
Buxton is one of Melbourne’s top 20 construction companies, with developments dating back to 1968. Its highest profile projects include Rylands aged care buildigns, the Delgany Hotel at Portsea and the Werribee Park mansion refurbishment and hotel, Royal Melbourne Golf Club and the Moonah Links Golf Club incorporated Peppers Hotel development.