newcastle city


ROI Properties is a privately owned investment business that commenced in 1909, and now spans four generations of the Owens family. While ROI Properties has its historical roots in the Hunter Valley, it has now diversified both domestically and internationally.

ROI Properties has three key areas of operation:

  1. Property investment and development;
  2. Investments;
  3. Direct business ownership and operation.

The business was founded in grocery retailing and was notable for the “Savemores” and “Shoey’s” brands under which it operated. The “Shoey’s” brand formed the basis of the Bi-Lo supermarket chain when the Coles group purchased this part of the business in 1988.


Areas of Operation

Property Investment and Development

The property base of the business grew out of retail shopping centres that were once ancillary to the retailing activities of the business. The focus on retail property has broadened such that the ROI Properties now undertakes investment and development projects in all property classes.

Projects range from small retail properties through to large staged mixed-use projects.

ROI Properties property activities include;

  1. Property Development;
  2. Property Investment;
  3. Property Management.

Where advantageous, ROI Properties engages in strategic partnerships and joint ventures to complete selected property projects.

ROI Properties has a preference to directly and proactively manage its property interests.

A selection of projects undertaken by ROI Properties include the following:

Thornton North - Residential Subdivision, Thornton
Alexandria Central – Large format retail centre, Sydney
Broadmeadow Shopping Centre – Retail centre, Broadmeadow
Lee Wharf – Waterfront – Staged mixed use residential, retail and commercial project, Honeysuckle, Newcastle
Thornton Shopping Centre – Shopping centre redevelopment, Maitland
North Epping – Residential townhouse development, Sydney
Mt Hutton Plaza – Shopping centre redevelopment, Newcastle
Elermore Vale Shopping Centre – Shopping centre redevelopment, Newcastle
Mackenzie Mall – Shopping centre redevelopment, Glen Innes


ROI Properties maintains an active investment portfolio of domestic and international equities and other investments.

Direct Business Ownership and Operation




managing director

Richard Owens (AM)

After graduating from Sydney University, Richard grew his family’s business from a few general stores, to a wholly family owned business operating 45 supermarkets and employing over 2000 people throughout Newcastle, the Hunter Valley and northern NSW in a decade. The company was sold to Coles Myer in 1988.

managing director

Christopher Kloster

Chris graduated from the University of New England, Armidale in 1886 with a Bachelor of Financial Administration.  He was admitted to the Institute of Chartered Accountants in 1990 whilst working at Peat Marwick.  In 1994 Chris became a partner of Michael Boyce & Co, an accounting firm conmprising 12 partners and 80 employees in four regional locations.  Chris joined the ROI Group in January 2000, bringing with him an expansive range of business and accounting skills well suited to this diverse property and invesment business.


David Owens

David completed a bachelor of commerce at the University of NSW before commencing his career with an international investment bank in Sydney in 1987. With several years of investment banking experience, David completed an MBA in Switzerland in 1992. In 1993 David joined the ROI group.

David leads the team with his experience in finance, property investment, property development and retailing.

David is a hands-on manager involved with all the major projects the group undertakes.