Mirvac and Stockland signal shifts to meet fresh demand
Stockland and Mirvac are in the final month of preparing their respective strategic reviews, and the new chief executives are quietly sounding out property agents and analysts for direction.
It is widely assumed Mirvac chief executive Susan Lloyd-Hurwitz will focus on creating a range of "club funds" aimed at the wholesale office market. Assets for the funds are expected to be "seeded" from existing office properties and acquisitions.
Joint ventures to redevelop older assets such as Mirvac is undertaking at 190-200 George Street, Sydney, will also feature.
Stockland's new chief executive, Mark Steinert, has also been talking about the number of ideas he has on the drawing board.
It is expected he will drop the current three "R" focus of residential, retail and retirement, to a two-pronged medium density residential and retail focus.
Using the term, "centres of excellence" which has been discussed by previous management, Stockland could look at redeveloping its existing land banks to mixed use, medium density projects.
Conversion of older industrial sites to residential is also an option.
Mr Steinert said that the group was continuing to undertake the detailed strategic review of the business to ensure it is well positioned to capitalise on future growth opportunities.
"Our strategic review is progressing well and we're confident that we can identify a pathway to stronger returns," he said. Stockland's review is due out on May 13 and Mirvac's review on May 9.
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