Mirvac CEO Susan Lloyd-Hurwitz said the country’s largest diversified developer is looking to “press the button” and follow Stockland, Ingenia Communities, Lifestyle Communities, Aspen Group, Palm Lake Resort, Serenitas and Hometown Australia into land lease developments.
“It’s a very compelling investment proposition and a very good customer proposition,” Susan told The Australian Financial Review after Mirvac announced a net profit of $565 million for the six months ended 31 December.
“We clearly have all the skills in-house to be able to design the right product at the right price point, experience in building community, and we have the land.”
One of the pilots will probably be at Smiths Lane, a 240-hectare master planned community at Clyde North in Melbourne’s outer south-eastern suburbs.
“Over the last year, we’ve gone ‘No, why would we do that… to let’s do that ourselves’,” Susan said.
Susan said Mirvac had no intention of buying established operators, but would look to build up its portfolio of assets, as it has done in office, industrial and build-to-rent.
“We have all the ingredients that we need – there are things we have to learn, probably, but I think we have most of the ingredients.”
Perhaps one of the key ingredients Mirvac may need will be skilled professionals that have the experience and aptitude to be able to hit the ground running when it comes to community management.
Mirvac was recognised as a HRD Employer of Choice for 2020. This accolade was received due to their ongoing commitment to gender equality, a mentoring program that focuses on career development and their purpose and values which are deeply embedded in the way their teams function.
At Mirvac their values include:
- Putting people first
- Being passionate about quality and legacy
- Collaboration
- Being curious and bold
- How we work is as important as what we do
- Being genuine and doing the right thing