The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
JOIN US FOR A ONE-DAY DEEP DIVE INTO THE FUTURE OF THE INDUSTRIAL SECTOR
FIND OUT HOW THE INDUSTRIAL MARKET IS CHANGING IN 2026
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
6
print
Print
OtherAna NarvaezTue 19 Nov 19

Mirvac Calls Market Bottom, Moves on Build to Rent

Mirvac's outgoing chief executive Susan Lloyd-Hurwitz who will step down from the role on 30 June 2023.

Mirvac chief executive Susan Lloyd Hurwitz has called the housing market bottom at the company’s annual general meeting in Brisbane on Tuesday.

Lloyd-Hurwitz said the group expects the increase in residential enquiries to translate into sales in “due course”.

“We are now seeing clear signs of a housing market recovery, including an uptick in auction market activity, prices and turnover in the established market,” Lloyd-Hurwitz said.

Mirvac has already secured 86 per cent of its 2020 fiscal year earnings, leaving it well-positioned to take advantage of the housing market upswing.

“[We have] used the cycle to our advantage by capitalising on opportunities to restock our portfolio at the right time and in the right location,” Lloyd-Hurtwitz said.

Mirvac flagged plans to transform a 171-hectare former quarry into a 1700-lot housing estate in Melbourne’s east in June. The developer will partner with Boral, which currently owns a quarry and brickworks plant on the Wantirna South site 25-kilometres from Melbourne’s CBD.

Other projects in the works include a 350-lot estate in Milperra in Western Sydney along with a partnership with the Western Sydney University to redevelop its campus into a sustainable community.

Related: Expect Housing Undersupply by 2020: CBA

▲Low interest rates and a nascent build-to-rent market in Australia has attracted larger players to the sector. Image: Mirvac's Pavilions project.


The continued strength of the ASX-listed group’s $15 billion office and industrial business buffered its residential losses, growing it into the country’s second largest office manager.

“We saw a 26 per cent increase in operating EBIT during the 12 months, a 12 per cent increasing in net operating income and development earnings of $125 million,” Lloyd-Hurwitz said.

Mirvac currently has a $3.1 billion active office pipeline, including 80 Ann Street in Brisbane, the $1 billion Locomotive Workshops in South Eveleigh and the Olderfleet tower in Melbourne.

The developer is favoured to win the over-station Waterloo Quarter development project, on which it is bidding with joint venture partner John Holland.

Lloyd-Hurwitz said that Mirvac is also focused on further developing its build-to-rent pipeline over the next year.

The group’s first build-to-rent asset in Sydney Olympic Park will is due to complete in September next year, while it confirmed plans for a second built-to-rent project at the Queen Victoria Market in Melbourne.

Other institutional interest in the build-to-rent sector includes QSuper, which acquired a multifamily development in Washington DC, and Macquarie and Greystar’s plan to roll-out build-to-rent in the Asia Pacific region.

Last month, NAB pledged $2 billion in funding to support housing outside of the mainstream market including the provision of crisis accommodation, sustainable housing projects and build-to-rent.

IndustrialRetailResidentialAustraliaConstructionFinanceReal EstateConstructionSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Multiplex Moderna facility
Exclusive

Industrial Subsectors Win Investor Attention as Demand Blossoms

Clare Burnett
7 Min
Bee Bricks hero
Exclusive

Beyond Green: The Rise of Net-Positive Architecture in Australia

Clare Burnett
7 Min
Exclusive

Central Element Hotel Debut Spearheads Oxford Street Renewal

Taryn Paris
8 Min
London skyline near the walkie talkie tower showing the 85 gracechurch street development.
Exclusive

Basilica to Business: London Office Tower’s Historic Rework

Renee McKeown
6 Min
Hotel Indigo Adelaide hero
Exclusive

Neighbourhood Hotels Reinvent Urban Hospitality

Clare Burnett
5 Min
View All >
Investa Approved Commercial 105-153 Miller Street North Sydney
Office

Investa Pursues Twin Strategy for North Sydney MLC Tower

Vanessa Croll
Leeka 188 Commercial Road Prahran HERO
Residential

Leeka Wins Nod for 32-Home Project at Prahran

Leon Della Bosca
Nambour CBD Rooming Accommodation DA hero
Affordable & Social Housing

‘Vertical Living’ Vision for Historic Sunshine Coast Town

Phil Bartsch
The five-storey proposal comprises 152 one-bedroom units and two ground-floor commercial tenancies...
LATEST
Investa Approved Commercial 105-153 Miller Street North Sydney
Office

Investa Pursues Twin Strategy for North Sydney MLC Tower

Vanessa Croll
5 Min
Leeka 188 Commercial Road Prahran HERO
Residential

Leeka Wins Nod for 32-Home Project at Prahran

Leon Della Bosca
2 Min
Nambour CBD Rooming Accommodation DA hero
Affordable & Social Housing

‘Vertical Living’ Vision for Historic Sunshine Coast Town

Phil Bartsch
3 Min
Development

Rare Newcastle Wharf Project Now Accepting EOIs

Partner Content
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/mirvac-calls-market-bottom-moves-on-build-to-rent