Stockland, Mirvac make big plans for future
It is widely assumed Mirvac's 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 will also feature in the new plans.
Stockland's new chief executive, Mark Steinert, has also been talking about the ideas he has on the drawing board. He is expected to drop the current three "r" focus of residential, retail and retirement, for a two-pronged, medium-density residential and retail approach.
Using the term "centres of excellence", which had been discussed by previous management, Stockland could look at redeveloping its existing landbanks to mixed use, medium-density projects.
Conversion of older industrial sites to residential is also an option. It is unlikely that a return to high-density apartment complexes, like those at Balgowlah and Cammeray, will be contemplated.
Mr Steinert said on Tuesday the group was continuing to undertake a 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.
The Stockland review is due out on May 13 and Mirvac's on May 9.
Frequently Asked Questions about this Article…
Mirvac, led by Susan Lloyd‑Hurwitz, is widely expected to focus on creating a range of "club funds" for the wholesale office market. These funds would be seeded from existing office properties and acquisitions, and Mirvac also plans to pursue joint ventures to redevelop older assets such as the 190–200 George Street site. Mirvac's strategic review is due on May 9.
Mark Steinert is expected to move Stockland away from the previous three "r" focus (residential, retail and retirement) toward a two‑pronged strategy centred on medium‑density residential and retail. Stockland may redevelop existing landbanks into mixed‑use, medium‑density "centres of excellence" and consider converting older industrial sites to residential. Stockland's strategic review is due on May 13.
According to the article, Mirvac's proposed "club funds" would be wholesale investment vehicles aimed at the office market. Assets for these funds would likely be seeded from Mirvac's existing office portfolio and new acquisitions, enabling the company to pool capital from wholesale investors and manage or redevelop office properties through those funds.
The "centres of excellence" idea being discussed at Stockland would involve redeveloping parts of its existing landbanks into mixed‑use, medium‑density projects. That could mean combining retail with medium‑density residential on sites the company already controls, rather than pursuing very high‑density apartment developments.
The article says a return to high‑density apartment complexes — like Stockland's past projects at Balgowlah and Cammeray — is unlikely. The company appears to favour medium‑density, mixed‑use approaches instead.
Mirvac's strategic review is scheduled for release on May 9, and Stockland's strategic review is due on May 13, according to the article.
Both new chief executives have been quietly sounding out property agents and analysts for direction as they finalise their strategic reviews, gathering market and industry feedback before announcing formal plans.
The reviews could reshape each group's focus: Mirvac may expand into wholesale office club funds and joint‑venture redevelopments, while Stockland may prioritise medium‑density residential and retail mixed‑use projects. Both companies are framing these reviews as steps to position themselves for future growth and potentially stronger returns, but investors should wait for the formal review releases (Mirvac May 9, Stockland May 13) for confirmed plans.
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