Stockland, Mirvac make big plans for future
Stockland and Mirvac are in the final month of preparing their strategic reviews and the new chief executives are quietly sounding out property agents and analysts for direction.
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.