The property group’s award-winning masterplanned community Everleigh in Greenbank, the rural residential suburb in the City of Logan, QLD, will house its first land lease community.
Stephen Gould (pictured), Mirvac’s Land Lease Communities General Manager, told the Mirvac Living Sectors Investor Day that after spending over 12 months looking at residential sites it owned it had chosen Southeast Queensland.
“It’s 11 hectares and in the planning works. There needs to be a Change of Use application later this year. We are very excited about bringing this project to life,” Stephen said.
Mirvac has identified “six to eight sites” on land it owns for land lease development, and it would also buy land for such projects if they became available.
Stephen said the land lease sector was accelerating, rapidly evolving and becoming a meaningful institutional asset class.
In addition Mirvac CEO Campbell Hanan said they are looking for capital partners to fulfill their ambition to build 5,000 Build To Rent apartments by 2030.
The SOURCE: Another major property group has realised the land lease sector is bankable.
