Mirvac is very satisfied with its land lease investment in Serenitas, while it struggles with its office accommodation portfolio. 

In October last year it was announced Mirvac and Pacific Equity Partners Secure Assets had agreed to pay $1.01 billion, for a 47.5% ownership each, with Serenitas CEO Rob Nichols’ Tasman Capital Partners keeping 5%.  Mirvac settled its investment in March this year. 

With 29 lifestyle land lease communities across Australia, Serenitas has now launched two new locations:  Thyme Lifestyle Resorts in Sunbury, 38km northwest of Melbourne’s CBD, and Rothwell, Morton Bay, 33km north of Brisbane this year. 

It also has an approved 163-site lifestyle resort in Forster, on the NSW Mid North Coast, approved by the NSW Land and Environment Court in May 2023. 

At its FY24 financial result, in which Mirvac posted an $805 million full-year loss on the back of a drop in the value of its office portfolio, while the property group said the 4,587 dwellings at Serenitas’ 28 communities were 100% full. 

361 homes had been sold in the year, at an average around $500,000. 

Mirvac said it was pursuing growth with its Serenitas and was exploring using its own land bank to build more Serenitas land lease lifestyle resorts. 

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